Iraq in the coming years will be a market-oriented banking in new economic activity

Admin Tue Nov 05, 2013 10:03 pm

Tuesday, November 5, 2013

BAGHDAD - Expect representative of Iraqi banks in the Economic Committee of the Council of Ministers, chairman of the North Bank for Finance and Investment Nawzad David Dry, Iraq to be during the next few years, market banking with new trends in economic activity, leads the private banking sector role centrally complies with the features of a strategic sector for the future.

Today: "This expectation was based on the desire of many foreign banks to operate in Iraq, the most prominent / City Group / U.S. and / Standard Chartered / British and / JP Morgan that /", describing the move cursor positive for an important stage allow the strengthening of relations and partnership with foreign banks and to benefit from its expertise in the development of Iraqi banks and the possibility of introducing contexts new style of performance in the banking market of Iraq especially in light of the withdrawal of Iraq from the provisions of Chapter VII.

Added that "everyone is looking to be the strategy of dimensions and proposals that will help the Iraqi banks to confront and which has become confuse their contribution in development and keep up with new technologies in support of the offer the best banking services to the beneficiaries.

And called Dry Iraqi banks to benefit from the experience of international banks, which has become mean Iraq to open branches in it, and in the areas that develop expertise in how to deal with the data produced by the financial crisis, as well as the means of operating capital, and deposits of citizens in projects related to economic development, and operation of the unemployed and expand the circle of finance and investment. ruled out the development of economic activity away from the banking sector developed with experience in dealing with the developments of local and global, "which requires amendment of laws that allow Iraqi banks a fresh start meet ambition.

On the monetary policy applied by the Central Bank of Iraq during his supervision and follow-up continued activity of Iraqi banks, sees Dry" The data that emerged after the enactment of the Iraqi Central Bank number 56 of 2004 and the Banking Act 94 for the year 2004, confirms that the CBI succeeded clearly in achieving the goals of monetary policy adopted by the CBI and in particular at the level of the continuation of the monetary system and the face of inflation and improve the exchange rate of the Iraqi dinar, and build reserves in foreign currency supports the economic future of the country.

And stressed the importance of supporting steps and measures seeking now to form a supreme council for economic reform, shall lay the foundations for building a national strategy and a close embrace Jump Iraqi economy to a market economy and enlarge the contribution of the Iraqi banking sector in development on a broader scale, that the Council includes representatives from the Economic Commission of the Council of Ministers and Committees Economic and Financial Council House of Representatives, and the Central Bank of Iraq, and experts on economic activity.

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