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Wide window to stimulate the economy
2015-02-25
Baghdad-special
Banking circles welcomed the recent decisions of the Commission of the Council of Ministers of Economic Affairs and related to the sector of the government banking, private and describing it wide window that the Iraqi government began adopting to strengthen the role of the private banking sector in the revitalization of the Iraqi economy, which suffers from many difficulties and the importance of supporting the sector and provide capabilities required him to expand services department Banking submitted by him to the sectors of the economy and various services.
The head of the Council of the North Bank for Finance and Investment Management Nevzat David Fattah dry that the recommendations of the Economic Commission for Refugees private sector contained in the resolutions of the Council of Ministers of the Economic Commission headed by D.ros Nuri Shaways gaining an important dimension in this delicate stage experienced by the financial sectors, which are banks and arm the foundation of the country's economy as the promotion of private banks and development credit capabilities that will activate jobs and serve the funding contexts by providing a great deal of credit for vessels in contributing to the implementation of development projects, especially in the field of small and medium enterprises support, noting in this area to what is stated in the recommendations about the Iraqi Central Bank and the banks and government to study the possibility of lending to private banks to finance small and medium enterprises because of their importance to the revitalization of the Iraqi private sector in addition to the Central do Iraqi study the possibility to take advantage of the legal reserve for private banks to grant investment loans from the reserve and Pashrafh.
Dry considered the recommendation that the Ministry of Finance in coordination with the CBI and the Association of Iraqi private banks to put controls and mechanisms are clear and specific to deposit employees and pensioners in private banks to ensure the rights of depositors considered a step in the right direction where there is a need here to establish a guarantee of deposits in private banks and the company again to ensure the company credit and the creation of a central fund for private banks to cover the financing of development projects, according to a private partnership between government and private banks controls in addition to speeding up the establishment of the Rafidain and Rasheed deposit part of their money in private banks in exchange for soft benefits that are specific to invest that money banks in investment projects according to feasibility studies economic mechanisms and guarantees as contained in the recommendations of the dry Economic Commission also pointed to the paragraph contained in the recommendations of the Economic and Special Committee to intensify efforts by private banks on educating citizens to deposit their money in banks rather than keep them inside the house and said that the content of this paragraph will enhance the trust between citizens and banks which requires encourage banks to open more branches and banking offices in various governorates of Iraq to increase the banking density rates and work on the establishment of large banking units that can meet the expected banking activity requirements that can accommodate if what has to activate the resolutions of the Economic Commission.
the formation of a supreme body of the banking reform was part of the proposals adopted by the dry down as relevant to the repeated claims by the sector to reconsider the legislation and banking laws adopted, especially those that relate to substances that prevent banks from investment practice, which is an important pillar of its activity and called dry in this regard to take steps quick process to activate the policies included in the recommendations of the Economic Commission relating to the establishment of the Ministry of Finance obliging the state departments of all to accept certified instruments issued by private banks and the Trade Bank of Iraq to open lines of credit to the private banks and other recommendations relating to controls letters of guarantee, pointing to the need to emphasize the Ministry of Finance and the Central Bank of Iraq to apply to the Committee on Economic Affairs, the decision taken At the end of last year 2014 on the opening of letters of credit to the private banks up to $ 10 million without passing Iraqi Bank of Commerce, along with the Ministry of Finance and the Central Bank of Iraq and the Trade Bank of firing amounts of credits, not suspended or delayed when backing receipt of the items.
Dry also stressed the need to diversify products The services of private banks, development and focus on the principle of quality management as a step towards the adoption of international standards and keep abreast of scientific developments, which included the work of banks contexts in the world where all of this is in furtherance of the efforts to be taken by private banks to create partnerships with international banks for the purpose of strengthening the developmental role and create investment opportunities and to run manpower and conduct in line with what was stated in the recommendations of the Economic Commission.
The central bank in the framework of supporting the development and stimulate the Iraqi economy has recently taken decisions which, to approve the appointment of a representative of the private banks for the first time in the Council of the Central Bank with the approval of the Central Bank to cover accounts banks abroad to the US dollar to cover imports of customers and other purposes Bank and assume control over these operations within the mechanism of a simplified and transparent with the development of the creation of capacities and capabilities plan to activate documentary credits instead of the current style and coordination with the banks in this regard with speed up legislation to ensure bank deposits law and recommend to the government to accept institutions State instruments issued by private banks as well as the receipt of taxes and fees in favor of the government. And the formation of a committee to reconsider the structure of benefits, including expanding the credit and liquidity provision.
On a related issue description Nevzat David Fattah dry indicators included in the government program, announced by Prime Minister Haider al-Abadi in front of the House of Representatives Palmhdjah terms enclosed requirements commitment programs to be taken during this particular phase economic and investment side, and what is required of activated by the relevant authorities and the private banking sector, which is the financial arm of the implementation process of development and construction projects.
The dry that the government program to widely welcomed by large segments of the Business for different society which exists in the program an opportunity to emphasize the importance of the basic premises that received in the program, especially in the aspect which relates to starting the process towards a market economy, which is one of the most important challenges facing Iraq in terms of the need for laws and legislation in line with the current stage kits and Maystdei of alert energies and hold economic workshops taught to energize efforts to help to implement the strategy development and upgrading of the national production and the level service and improve the level of human development and establish the necessary mechanisms to do so.
Dry also stressed that the Iraqi Special According banks to see the special challenges facing the country's economy now by devoting its efforts towards providing the Advancement of financing and credit to its programs are wholesome and upgrade kits developmental role and a way to serve their goals while adhering to the principles of corporate governance and transparency and the pursuit of establishing a solid base for the economy of a solid in which Iraqi banks play a leading role through the modern departments and expertise on economic and financial affairs.
He also said that the adoption of policies that are based on moving the labor market and stimulate industrial and agricultural sectors, productivity is the necessity of taking into consideration the performance evaluation and support departments wise, careful to attract elites with experience and integrity, efficiency and work to strengthen the chances of companies with international banks and take advantage of their expertise in the field of investment and credit.
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2015-02-25
Baghdad-special
Banking circles welcomed the recent decisions of the Commission of the Council of Ministers of Economic Affairs and related to the sector of the government banking, private and describing it wide window that the Iraqi government began adopting to strengthen the role of the private banking sector in the revitalization of the Iraqi economy, which suffers from many difficulties and the importance of supporting the sector and provide capabilities required him to expand services department Banking submitted by him to the sectors of the economy and various services.
The head of the Council of the North Bank for Finance and Investment Management Nevzat David Fattah dry that the recommendations of the Economic Commission for Refugees private sector contained in the resolutions of the Council of Ministers of the Economic Commission headed by D.ros Nuri Shaways gaining an important dimension in this delicate stage experienced by the financial sectors, which are banks and arm the foundation of the country's economy as the promotion of private banks and development credit capabilities that will activate jobs and serve the funding contexts by providing a great deal of credit for vessels in contributing to the implementation of development projects, especially in the field of small and medium enterprises support, noting in this area to what is stated in the recommendations about the Iraqi Central Bank and the banks and government to study the possibility of lending to private banks to finance small and medium enterprises because of their importance to the revitalization of the Iraqi private sector in addition to the Central do Iraqi study the possibility to take advantage of the legal reserve for private banks to grant investment loans from the reserve and Pashrafh.
Dry considered the recommendation that the Ministry of Finance in coordination with the CBI and the Association of Iraqi private banks to put controls and mechanisms are clear and specific to deposit employees and pensioners in private banks to ensure the rights of depositors considered a step in the right direction where there is a need here to establish a guarantee of deposits in private banks and the company again to ensure the company credit and the creation of a central fund for private banks to cover the financing of development projects, according to a private partnership between government and private banks controls in addition to speeding up the establishment of the Rafidain and Rasheed deposit part of their money in private banks in exchange for soft benefits that are specific to invest that money banks in investment projects according to feasibility studies economic mechanisms and guarantees as contained in the recommendations of the dry Economic Commission also pointed to the paragraph contained in the recommendations of the Economic and Special Committee to intensify efforts by private banks on educating citizens to deposit their money in banks rather than keep them inside the house and said that the content of this paragraph will enhance the trust between citizens and banks which requires encourage banks to open more branches and banking offices in various governorates of Iraq to increase the banking density rates and work on the establishment of large banking units that can meet the expected banking activity requirements that can accommodate if what has to activate the resolutions of the Economic Commission.
the formation of a supreme body of the banking reform was part of the proposals adopted by the dry down as relevant to the repeated claims by the sector to reconsider the legislation and banking laws adopted, especially those that relate to substances that prevent banks from investment practice, which is an important pillar of its activity and called dry in this regard to take steps quick process to activate the policies included in the recommendations of the Economic Commission relating to the establishment of the Ministry of Finance obliging the state departments of all to accept certified instruments issued by private banks and the Trade Bank of Iraq to open lines of credit to the private banks and other recommendations relating to controls letters of guarantee, pointing to the need to emphasize the Ministry of Finance and the Central Bank of Iraq to apply to the Committee on Economic Affairs, the decision taken At the end of last year 2014 on the opening of letters of credit to the private banks up to $ 10 million without passing Iraqi Bank of Commerce, along with the Ministry of Finance and the Central Bank of Iraq and the Trade Bank of firing amounts of credits, not suspended or delayed when backing receipt of the items.
Dry also stressed the need to diversify products The services of private banks, development and focus on the principle of quality management as a step towards the adoption of international standards and keep abreast of scientific developments, which included the work of banks contexts in the world where all of this is in furtherance of the efforts to be taken by private banks to create partnerships with international banks for the purpose of strengthening the developmental role and create investment opportunities and to run manpower and conduct in line with what was stated in the recommendations of the Economic Commission.
The central bank in the framework of supporting the development and stimulate the Iraqi economy has recently taken decisions which, to approve the appointment of a representative of the private banks for the first time in the Council of the Central Bank with the approval of the Central Bank to cover accounts banks abroad to the US dollar to cover imports of customers and other purposes Bank and assume control over these operations within the mechanism of a simplified and transparent with the development of the creation of capacities and capabilities plan to activate documentary credits instead of the current style and coordination with the banks in this regard with speed up legislation to ensure bank deposits law and recommend to the government to accept institutions State instruments issued by private banks as well as the receipt of taxes and fees in favor of the government. And the formation of a committee to reconsider the structure of benefits, including expanding the credit and liquidity provision.
On a related issue description Nevzat David Fattah dry indicators included in the government program, announced by Prime Minister Haider al-Abadi in front of the House of Representatives Palmhdjah terms enclosed requirements commitment programs to be taken during this particular phase economic and investment side, and what is required of activated by the relevant authorities and the private banking sector, which is the financial arm of the implementation process of development and construction projects.
The dry that the government program to widely welcomed by large segments of the Business for different society which exists in the program an opportunity to emphasize the importance of the basic premises that received in the program, especially in the aspect which relates to starting the process towards a market economy, which is one of the most important challenges facing Iraq in terms of the need for laws and legislation in line with the current stage kits and Maystdei of alert energies and hold economic workshops taught to energize efforts to help to implement the strategy development and upgrading of the national production and the level service and improve the level of human development and establish the necessary mechanisms to do so.
Dry also stressed that the Iraqi Special According banks to see the special challenges facing the country's economy now by devoting its efforts towards providing the Advancement of financing and credit to its programs are wholesome and upgrade kits developmental role and a way to serve their goals while adhering to the principles of corporate governance and transparency and the pursuit of establishing a solid base for the economy of a solid in which Iraqi banks play a leading role through the modern departments and expertise on economic and financial affairs.
He also said that the adoption of policies that are based on moving the labor market and stimulate industrial and agricultural sectors, productivity is the necessity of taking into consideration the performance evaluation and support departments wise, careful to attract elites with experience and integrity, efficiency and work to strengthen the chances of companies with international banks and take advantage of their expertise in the field of investment and credit.
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