***** Call for the adoption of strategic banking reform

7/24/2014 0:00

Orientations within the sustainable development
BAGHDAD - Farah pumice

Consistent with the objectives aimed at creating legislation and banking regulations to provide a sound environment for the banking industry, an economist stressed the need to implement banking reform strategy prepared by the parliamentary Finance Committee in the previous session of the House of Representatives.

Has developed a Committee of this strategy, which came out several proposals, notably the diversification of products and services for the banking sector, develop and create new products that meet all customer needs in the sectors of individuals and institutions, as well as expansion in the development of electronic distribution channels that provide services to customers in the right time and place for them, through increased recruitment of banking technology in this area, as well as promoting the concept of (quality management) and integrated into the banking operations represented by the planning, implementation and ongoing development of quality management systems to work according to international standards.

The economist said Tawfiq inhibitor for the "morning": that "the economy is Facts and figures and that the global real challenge nowadays is to build a solid economy and the establishment of balanced economic development and promote integrated and the economic and social reality."

He inhibitor that the most important pillars and foundations of the Iraqi economy is the banking sector, especially given that his current role in Iraq ineffectual and effective and closer to neutrality, calling for the application of the strategic reform of the banking sector in all its aspects and restructured in a way that achieves economic development aims to revive all sectors of the state.

The expert considered that the legislative environment constitute a constraint select Banking Law No. 94 of 2004 with 50 active only, while in the countries of the world close to 200 activities and the Gulf states 260 active, explaining that international banks contribute to the operations of the development of skills and practicing their performance line parallel to the banks of public government.

Under the directions of development and its goals in the new Iraq and build its future economic and social booming, it has initiated the parliamentary Finance Committee in the previous session of the House of Representatives to adopt a process of reform of banking legislation in force with the participation of the central bank and the government and private banks, experts and specialists and international institutions supporting.

The Finance Committee has confirmed the need to find a bank legislation commensurate with the evolution and needs to banking services, and the need to use modern systems, as well as giving a greater role for private banks as well as government banking sector.

She attributed the reasons for the development of the banking sector in Iraq to a slowdown in the issuance of legislation is working on moving the wheel of reform, and blurred visions and economic policies and the coordination of fiscal and monetary policies, as well as approving the plans for reform away from the views of specialists and banking experts, as well as legislation and laws and regulations in force banks are reluctant to work and limit the expansion and development, as it did not allow scope for the banking sector to work in the investment and funding under the banks retain high levels of liquidity.

The Committee stressed in its report that the reform is the creation of a banking system capable of mobilizing financial resources and the re-allocation and improve the efficiency of the service of economic activity in order to achieve high and sustained rates of economic growth.


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