#####Experts: the banking sector and stock market responsive to the requirements of economic development

31/12/2012 09:21



Moving the capital market in Iraq to achieve quantum leaps in performance of the three elements of the market banks, stock market, and insurance companies in order to deal with change and development stage and the requirements needed shift towards a market economy and achieve economic development. In this context, the central bank seeks to improve the performance of Iraqi Iraqi private banks and public and through cooperation with some international institutions where bank issued instructions commensurate with the requirements of the global banking industry and the recommendations of the Basel 1 and Basel 2.

The expert said at the World Bank d. Majid picture in an interview that the central bank received a grant amounted to $ 10 million from some donor countries by the World Bank and in cooperation with international companies dedicated to prepare the necessary studies to organizational restructuring, operational and financial Rafidain and Rasheed.

He drew the picture for it to improve performance, the Bank trained more than seven hundred employees from different levels and especially leadership in these two banks and the Central Bank of Iraq, in order to see the achievements of the global banking industry and the way they work and training work with to try out.

He Suri that the central bank promising a new law on the organization of work of government banks, and submitted to the State Council in the month of Tmosalmnasrm complement restructuring process, adding that this law depends on the recent trends in the management of State-owned banks, particularly with regard to the independence of the management of these banks for ownership of capital banks Governance »

He hinted the picture that studies carried out by international companies made important recommendations for re-organizational structure of the banks and the methods and procedures for improving the performance of these banks in accordance with international standards.

He explained that these recommendations were discussed by all the relevant authorities, has been approved by the Higher Supervisory Committee on restructuring, consisting of Messrs. central bank governor and finance minister and head of the BSA. Said Suri he is now being follow up the implementation of these recommendations by the parties represented Commission supervisory senior, and under the supervision and follow up directly by the governor, including recommendations regarding the need to apply the banking system overall, which will allow the development of the work of banks and expand its services, as well as enabling the banks themselves, and the Central Bank of application control current and prudential supervision. Suri hinted that the central interested in Islamic banking as promising a special law Islamic banks and sent to the State Council, and is now a law on bank guarantee deposits at banks.

He added due to the absence of modern mechanisms, the diagnosis offenses relating to money laundering come late, and after the commission of a relatively long period. The central bank is currently securing these mechanisms and programs, and will impose used on banks all public and private. Either in stock has sought the Iraqi market for securities and through cooperation with the Federation of Euro-to train and raise the skills of workers to apply and Ttoiralanzma modern electronic and advanced in the stock market as well as with the company World NASDAQ اوماكس. They will discuss and determine the study designs required for the new system »X-Stream.

These techniques have implications on the performance of the market, where they increase the turnover rate of stocks, and then verify the principle of liquidity and its ability to implement dozens of contracts at the same moment when the conditions for its implementation

The advantages of the new system that has the ability to link and host state Stock Exchange in Iraq and increase the number of investors and thus higher stock indexes and attract investors and longer system later used in Arab bourses - Dubai, Abu Dhabi, Egypt, Bahrain - has a high capacity and large in the implementation of contracts and has the support of a technical high NASDAQ Global Market and allows Iraq to host Erbil market for securities efficiently implement and trading عاليين.

In the same context Head of the Board of Governors in the Iraqi market for securities Laith sentenced Suleiman al-Tamimi intention of the Council and management of the market to establish training courses lectured by professors specialize in enterprise Iraqi market, to transfer information to all beneficiaries by the media as the most important and most dangerous way to connect with the masses, as well as For Type of the Iraqi market for securities and the role of media in attracting investment. said «there sessions futuristic and 6 workshops, including a session of اعلامين, and another to extract financial statements of listed companies and the workshop next agreement with the Central Bank of Iraq on how to delete the zeros, and its impact in the Iraqi market and the stock listed in the market.

He continued from »the most important achievements of the Council for this year instructions« custodian «where it saves money investors available in all countries of the world and his keeping the funds of investors, and be either a bank or a joint stock company, or foreign banks, and we are working system of electronic trading, one of the most advanced systems in the world .

He focused on the role of the media organization in attracting investment, pointing out that media development or economic in Iraq is still in the development stage and need to activate this role in order to achieve the possibility of analyzing the information and not just to move, and called for activating the role of economic information in the process of economic development in the country, The performance of the insurance sector remained slow and Aeetmashy with the requirements of great transformation witnessed by the country in the field of construction and reconstruction.


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