Specialists: Ttoiralqtaa banking fundamental pillar for economic reform

9/1/2014 0:00

Baghdad Yasser incumbent Hussein Tgb 

Discussed a number of economists and money men and acts in a panel discussion hosted by the Association of private banks in Iraq in the first of the new business management ways of promoting economic reality through reforms to be achieved at this stage. 

Characterized the seminar attended by high-level by the parliament and the executive, businessmen and representatives of organizations relevant economic Among the attendees MP Mehdi Alha rude and deputy secretary general of Mjas Minister for Finance and Director General of the Central Bank and an adviser in the National Investment Commission and the heads of the boards of directors and managers of Delegates for private banks. 

The discussions focused on several matters pertaining to the national economy and ways to promote it and to alleviate the challenges that hinder its growth, and emphasis was placed on the importance of paying attention to the banking sector as the backbone of the economy. 

At the beginning of the symposium display MP d. Mehdi al-Hafez and his paper tagged (to develop the economy first), which sparked controversy in this regard and propose the best solutions to achieve economic reform is required, has described the course of development in Iraq as a path tripped Awartdada stressing that he can not be for Iraq to apply properly unless address development constraints and the imbalance in economic construction . 


He went on to say: that oil is my main producing still dominant on the sources of funding in the country, and still the public sector huge but provides little fruit economically viable in this difficult circumstance, returned oil and the public sector two essential characteristics of the economic situation, stressing that the tasks of economic reform requires reducing the dominance of the proceeds oil and adopt a policy of diversification and the development of other productive sectors. 


He Hafiz that other important is the development of the private sector and the middle class in Iraq on the grounds that the market economy relies mainly on making the private sector commander leading role in economic life, as well as the development of the middle class of businessmen, bankers and producers considered the fourth category in sustainable development. 


Turning to the financial situation and cash in Iraq, citing the report of the World Bank, which pointed to the weakness of the banking sector and the promise side the most prominent in the Iraqi economy, pointing to the dominance of government banking sector on deposits of State and including nearly 90 percent, and stressed the need to remove the imbalance in the work sector banking and cash through the restructuring of the banking sector and give special attention to the development of the private banks. 


For his part, Managing Director of the Bank of the UNESCO International Adnan Chalabi, a detailed explanation of the stages of preparation for the new bond program and included the establishment of conferences and seminars aimed at strengthening relations in rural economic and parliamentary and government, expressed his gratitude to these broad participation and actors. 


And complain of private banks in Iraq resolutions to prevent the state departments of deposit amounts, including where and hinders investment and submission of banking products and services are different. 


I have this diagnosis on the effects of disruption banking discussions by numerous departments, banks and a number of economists have led to the recommendations of the need to reconsider all the cumbersome procedures and the role of the Central Bank of Iraq in dealing with this problem, the Ministry of Finance and government departments. 


After that, the general manager of the credit department at the Central Bank, Walid Idi detailed explanation about the reality of private banks in Iraq and the actions taken by the central collaboration with Aalrabotth that led to the stabilization of the exchange rate and lower inflation rates. 


As co-secretary general of the Union of Arab Banks and Sam Fattouh, based in Beirut in an intervention through (Alskaaba) the price of the high activity the first of the Association and with the participation of parliamentary and high-level government which reflect the extent of interest in the banking sector and hopeful at the beginning of a new phase where the banks own role in the construction and development and to enhance the march of Arab Banks in their desire to invest in Iraq Marja on the activities undertaken by the Union hoping broad participation in conferences in New York and Washineton next. 


For his part, praised the president of the Association of private banks in Iraq on active participation and care for the first activity of the Association by Dr. MP. Mehdi al-Hafez and with the participation of senior government officials, promised to support the assistant to revolutionize the important economic activities that are related to the banking and financial reality and ways to promote it. 


Handal and gave thanks on behalf of private banks in Iraq, the secretary general of the Union of Arab Banks via Skype hoping to develop Arab banking relations and benefit from the expertise for the development of the Arab banking reality in Iraq. 


Among the most prominent were the interventions of the Deputy Secretary General of the Council of Ministers d. Majid picture and Vice President of the Association on behalf of Antoine economist and adviser Abdul al-Bandar, and many of the participants. 


The seminar concluded with recommendations on ways to achieve banking reform and support for private banks to enable them to contribute to the actual construction and development programs and the equivalent size and importance in the Iraqi market.




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