Iraq's new five-year plan may strengthen the role of development banks

Admin Tue Oct 29, 2013 10:41 pm

10/30/2013

Baghdad - Mostafa Hashemi

After the conference concluded the Iraqi banking first, which was held recently to identify one of the main objectives him of drawing new features to the strategy of the banking sector in Iraq for the next stage from 2013 until the year 2017 are new mechanisms that will - according to an expert banker - achieve the central objective of monetary policy.

He expressed support for the proposal to form a higher council for economic reform and strengthen the role of private banks in development by facilitating the transition from the role of financial intermediation to the developmental role.

features and prospects of the strategy in this regard, said banking expert Samir النصيري that such a strategy associated with the applications and prospects of monetary policy, which takes CBI applied through supervision and control on operating banks.

He النصيري told (morning) note and through our follow-up of the stages through which applications monetary policy in Iraq after the Iraqi Central Bank Law 56 of 2004 and the Banking Act 94 of 2004, that the central has succeeded well in achieving the goals central to monetary policy in stabilizing the monetary system and the face of waves inflationary after the significant improvement in the exchange rate of the Iraqi dinar, in addition to building reserves in foreign currency.

Opening the door for investment and pointed out that it led to the construction of the pillars of a solid to keep on building economic stability outside and open a wide range of investment as the positive role played by the interest rate in reducing annual inflation rates basis from 53.2 percent in 2006 to about 5.6 percent in 2012, as well as identifying the phenomenon of dollarization and speculation as he has succeeded greatly in maintaining its independence so I just fired it during the previous phase politics militant Iraqi Central Bank interspersed with advanced cases of control over monetary policy.

Strengthen the role of banks in the development and called on the Central to study the proposals for the development and modification of some episodes of monetary policy currently in place and thus contributing to the restructuring and reform of the private banking sector and drawing new features of the banking sector private sector including enhancing Doralmassarv own transition from the role of financial intermediation to the developmental role of what constitutes a strategic modified for monetary policy currently adopted policies and processors Searches are required to reform banking for the next stage set five years (2013-2017).

Council of Economic Reform said banking expert need to take measures and mechanisms quick to form a higher council for economic reform in Iraq that includes the Economic Committee of the Council of Ministers and Economic and Financial Committee in Parliament and the Central Bank of Iraq and a select group of advisors and experts, economists and bankers responsible building strategy to move the economy from its interlocking road to a market economy as well as the contribution of the Iraqi banking sector in economic development and to identify policies and mechanisms for the transition to the stage banking sector reform government and the private sector, and is determined by a five-year period ending in the year 2017 to get the job done in phases associated with the five-year development plan for the years (2013 - 2017).

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