********* Specialists are calling for the establishment of a higher council for banking reform

20/09/2014



BAGHDAD / JD / .. invited a number of experts and specialists in the matter of financial and banking on the government to the need to establish a higher council independent of the banking reform, mission monitoring the performance of banks and issuing instructions that would evolution of the banking system in Iraq, demanding their talk Agency / JD / separation of the banking system for the central bank and making it directly linked to this Council and limiting the central task of the work on the monetary policy of the country.

Member of the Finance Committee MP Najiba Najib, confirmed: "The banking system in Iraq is still lagging behind in keeping up with the evolution of international banks, he works systems, old and classic laws, making the bureaucracy there and dull routine in dealings with local banks."

She said Najib told / JD /: that "countries develop economically dependent class basis of the banking system, where whenever there was a system developed banking greater the strength of the economy and the increased level of development, because the banking system developed will attract investments and capital large and easy financial transactions for companies and businessmen" .

She added: "The parliamentary Finance Committee with the development of the Iraqi banking system and separated from the central bank, in order to have the central focus and attention to the monetary policy of the country, and the formation of a higher council independently composed of professionals Odhu competence cares about the banking sector and monitors the performance of its work and issue the instructions to him, and put the necessary plans to fix this important sector. "

For his part, the Executive Director of the Association of private banks Abdul Aziz Hassoun, said that "the government and parliament as well as the central bank to work on restructuring the Iraqi banking system, to become the sector SOBER able to keep abreast of developments and compete with global banks advanced."

He told Hassoun / JD /: "The Association will stand by the government and parliament on the subject of the evolution of the banking sector, both in counseling or issuing instructions and laws related to the development of this sector."

As an expert in finance and banking in the name Hadi al-Tamimi, said: "Despite continuing calls by specialists in both the House of Representatives or the government for the development of the banking sector, but the sector is still lagging behind and works with conventional methods of old, and his work for Ayuakp evolution in global banks.

He said al-Tamimi told / JD /: that the banking sector in dire need of the formation of the highest independent means him and encourages him to use the latest technologies used in the banking industry, and is working on organizing the work of banks and monitor their performance, calling for new legislation authorizing the establishment of this council and stimulates local banks development work.

The Union of Iraqi businessmen may refer to one of the reasons for the reluctance of investors to invest in Iraq to the absence of evolution in the banking system.

It is noted that the banking system in Iraq consists of forty-three banks as well as the Central Bank and distributed by the Royal between (7) state banks and (30) Bank Ahli including (7) Islamic banks in addition to (6) of foreign banks.

http://dananernews.com/News_Details.php?ID=5134