Expert: documentation of credits in banks, guarantees the rights of importers

01/16/2013 12:19 am

Describing an important step Central
BAGHDAD - Hkuran Fatlawi

Said banking expert and executive director of the Association of private banks in Iraq Abdul Aziz Hassoun that the central bank's decision inclusion of private banks leave import advanced step in the performance of the banking sector.

He said in a statement the "morning" that extraordinary efforts made by the Association for issuing such an important decision which contributes to the regulation of import fundamentalist prevents financial waste through documentation of credits in banks and guarantee the rights of importers.

Hassoun pointed out that the Association continues to implement its development programs, initiated in early 2013 signed an agreement with a development project aimed at providing financial support and backing in the preparation of technical training and rehabilitation programs aimed at banking development work in the banks.

Hassoun said that the Association has worked to providing the requirements of the implementation of the Convention by providing Credit Information Bureau at the Institute of Banking Training in addition to building a network among banks and the central bank in order to develop retail payments included daily trading in the markets.

He hinted that such techniques are used in the world and this Mantmah to live up to him and it is natural that the central bank encourages such projects carried out by the Association, noting that this system serves countries whose currency low to get rid of the cash trading for being costly for all.

Hassoun pointed out that the global banking sector is witnessing developments equal in the use of technology, which appear with banking products adapted to these systems.

The Goldfinch banks called for the need to adopt such technologies, and the Association is ready to implement sophisticated training programs for workers in the banking sector in the new year 2013.

He said that the provision of such technical contributes to facilitate shopping citizen via credit card without the need to carry cash exposed to theft or damage and problems of counterfeit currency.

Goldfinch hinted other related activities undertaken by the Association where she held seminars and conferences inside and outside Iraq have had fingerprints clear by highlighting the growth in the banking sector has also in collaboration with the Central Bank put modern banking systems into application electronic instruments which formed a qualitative leap milestone in the work of the Iraqi banking where it is through the collection of Akiem instruments to be deposited with banks in a single day for the city of Baghdad and in two days when the instrument is on the other province and this is definitely the form a quantum leap in the banking business, in addition to that, the system Alakharenzam payments held by the Central Bank of Iraq has contributed to the financial settlements between banks an efficient and effective manner and accurate, this system did not exist in the countries surrounding Iraq, but the central bank was race in use.

Goldfinch hinted that the Association was involved in meetings called for the Committee on Economic Affairs in the Council of Ministers, which made things needed by the private banks where dealt with the state institutions as well as in the adoption of certain measures that enable state institutions of cooperation with private banks, especially in the opening credits of the banking committee approved Economic Affairs in the Council of Ministers for state institutions to cooperate with them directly and have open documentary credits within certain limits per adoption also included decisions of the Committee on Economic Affairs to accept departments The institutions of the state certified instruments drawn on private banks.

He said that expanding the role of the banking sector in the provision of banking services in the field of investment decisions as signed to the Committee on Economic Affairs in the Council of Ministers in a gradual is the best way to monitor the efficiency of performance and then unlock the banks that prove their efficiency in meeting the needs of development.

"He concluded by referring to the need to review and amend the Banking Act, leading to the liberation from the constraints in order to lift off towards strengthening the capacity of the national economy and rise to the level of performance and giving banks advanced in the world and which tend to have an open economy to its curriculum.


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