Nawzad dry: a new role for Iraqi banks in the post-Chapter VII

Posted 29/06/2013 06:01 PM

Baghdad: Private
stressed businessman and banking expert Nawzad David Fattah, dry importance out of Iraq from Chapter VII of the UN Charter and imposed from the international trusteeship him if ماعرفنا the size of the negative repercussions and bitter which was afflicting the country's economy and sectors of banking and financial result of Iraq's commitment to the implementation of UN Security Council Resolution international.

Considering the withdrawal of Iraq from the provisions of this chapter is to اسدال curtain on the stage of a bitter lives of Iraqis lasted about 23 years and the start of the stage to overcome the difficulties that had prevented the possibility of exploiting Iraq's money Foreign Affairs and dispose of them through the opening credits, as well as the expansion of investment activity and Sirefi said dry : The banking sector is at the forefront of the vital sectors that need to activate its role and take advantage of the climate that will be provided by post-Chapter VII where he is a nightmare haunts the start of the sector due to the restrictions that shackle the work of banks noting the need to review and amend the laws of financial and banking in ways that help the development of the sector banking and economic, adding dry: that for Iraq a long way and major tasks require efforts by concerned sectors of the economy, finance and investment to take advantage of the decision to exempt Iraq from the consequences of Chapter VII and involves it signals encouraging global institutions wishing to work in Iraq, but that it also requires to institute legal reforms for attracting investment and the adoption of relevant standards competence and integrity to assume leadership responsibilities at all important institutions in addition to the need to make an effort wide in the field of anti-corruption down to the goal of changing the look dealing with Iraq as a repellent for investment and investors.

believes Dry, who heads the Board of Directors of Bank of the North Finance and Investment importance of developing a strategic plan for the development of the Iraqi banking sector according to the vision that takes into account the need to legislative environment and a new law for banks to meet ambitious and in line with the developments in the world in addition to the post-Chapter VII warrant reconsideration of all other laws related to monetary policy and financial and foremost Securities Commission Act and the Money Laundering Act and the Investment Law and the Companies Registration Act.

He also said that Iraq's economy, which suffered greatly from the consequences of the international sanctions needs to reorganize in all aspects of its activities as counting process of the development of higher council of the economy under the chairmanship of Deputy Prime Minister for Economic Affairs Rose Nuri al-Shawish a good idea to its direct by fiscal and monetary policy in Iraq and identify the sources of a bug where the where is the most important high unemployment rates and the growing phenomenon of corruption and the lack of an active role for private banks and acquisition of State-owned banks to about 90 percent of deposits مايتطلب correct this situation, taking into account the requirements of the new phase and rapid changes in the world of information technology and the use of modern technologies and information systems and the Internet.

believes Dry : The Bank of the North and out of keenness to keep pace with developments in the banking sector in the world to develop a strategy on the basis of the study of the impact of the emancipation of Iraq from Chapter VII on the economic level and involved in the assessment of the situation in Iraq and the possibility that an encouraging sign for the world to take advantage of the environment better, which will be available for investment sectors and business to work in Iraq which requires the mobilization of the banking sector to perform its role in this area, particularly in the sectors that the Iraq can not handle or that is active in the development of her role.

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