********** Gateway to private banks to stimulate investment

1/21/2015 0:00

The call to reduce the restrictive measures for activities


 Baghdad -hasin Tgb Tamimi thank Fatlawi


Requires the advancement of the investment sector in close cooperation mechanism with the banking sector, which represents an important focus for the success of the investment operations in Iraq, including the offer of sophisticated products to facilitate the smooth flow of funds for various projects passage.

Banking expert Samir Alnasiri noted the importance of the existing laws, especially those relating to some of the materials and investment relationship with the Iraqi banking sector was obstructive in front of the new building of the economy.

He pointed to the importance of coordination between fiscal and monetary policies and confusion economic vision and the adoption of all annual public budgets on projected production and marketing of oil and large ambitions for economic development without the revenue that there will be an insight into the presence of promising economic strategy consistent with the possibilities and capabilities of physical and structural and human energies available.

And investment incentives in the financial sector and make it a supporter of the rule of public investment in the country pointed Alnasiri to the need to reduce restriction and militancy in the supervision and control over the private banking sector, which constitutes 48 commercial and Islamic banks measures, as well as Arab and foreign bank branch compared with 6 state banks account for 86 percent of the civil and government deposits and capital does not exceed the relative importance of 31 percent compared with the total capital funds of private banks.

Alnasiri between that led to the failure of this sector, in turn, contribute to economic development, as the influential and unfinished, which made us encouraged by the government program, and in particular the false axis private thirdly to encourage the shift to the private sector and paragraph (d) thereof that define paths and public mechanisms for the development of the banking business, pointing out that they need to make great efforts of the relevant government agencies in the private banking sector to overcome challenges and obstacles to the reform and development of the Iraqi banking sector.

He suggested during his foundations and strategies and promising to build introductions and features transition from banking to the developmental role through the process all the mistakes and lapses in economic construction over the next four-year period with identifying paths of success and achieving goals, according to the runway in the government program, so it was the second Iraqi banking conference during October second last year at the invitation of the Association of private banks in Iraq initiative in a timely manner and are moving in the right direction.

 He said that the advancement of the banking sector and make it take a pivotal role in supporting the investment business all the productive and service sectors now requires the Council of Ministers and the House of Representatives of the Iraqi Central Bank and the Association of Banks create operational mechanisms for the reform and development of the banking sector, according to proposing containing reconsider off with the Board of the Central Bank of Iraq administration where the functions and membership to include representatives from the Iraqi Central Bank adviser to the Prime Minister for Economic Affairs and government banks and the Association of private banks in Iraq advisers and experts bankers at the rate of (2) of the public sector and (2) of the private sector to be one of the most prominent office draw of coordination between the two policies paths financial, monetary and examine the challenges faced by the banking sector and to take the necessary decisions to address operational procedures and clear.

He Alnasiri the importance of strengthening the role of pre-emptive censorship to curb laundering and smuggling of money, and the development of a proactive plan to address the financial collapse that may suffer from some private sector banks because of the current circumstances until surpassed by the year 2015, as well as the development of programs for continued cooperation between the government and private banks with the unification of the transaction for both parties and the development of new criteria for the classification and evaluation of banks in the light of the financial indicators and measuring the efficiency of their performance and their role in contributing to economic development, and the legal environment Alnasiri said to be working fast to reconsider or modify if necessary to issue new laws the Iraqi Central Bank, banks, money laundering and investment and the Iraq market for securities Islamic finance and banking law and the bank guarantee.

He stressed on activating the role of the Finance Committee and the Economic Commission of the Council of Representatives of Iraq through the adoption of the banking sector's problems and find the necessary treatments for the development of the banking reform in coordination and consultation with the leaders and experts of the private sector, as well as the trend to study and approve the establishment of an investment bank the government contribute to the capital which is supported by not participating in the administration and managed by the private sector by the task of capital and managed by the mentality and the mechanisms of the market economy.


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