Home
Basic pillars of the proposed five-year plan for the next Central Bank of Iraq
2015-08-12
Samir Abdullah said the Iraqi banking sector for more than twelve years and up to the present time practicing policies and mechanisms troubled regulated by experimental and can be considered a transitional phase is still ongoing in order to build a sound Iraqi experience in determining the foundations and pillars of the national economic construction depends fiscal and monetary policies applications essential and important Ekhalqat in This construction led by the Central Bank of Iraq as the first charge as stated in the law (56 of 2004) for the supervision and control of the banking system and run it according to its means in monetary policy applications and its impact on the overall economy on the grounds that the financial and monetary adviser to the government in addition to his duties essential to maintain Aldenarabraghi exchange rate against foreign currencies and build foreign cash reserves and the reduction of inflation, but unfortunately, they march needs to be fundamental constituents of maturation in the application and government support and strategic systematic depending on the study and analysis of the reality of rent-seeking Iraqi economy, which depends on an essential resource, and one that is oil, which is up to (54-60%) of the gross domestic product, and the lack of coordination between fiscal and monetary policies and different economic policies, according to the new building of the economy has contributed significantly to the fragmentation of applications in monetary policy and the different visions and strategies to get to the central targets set in addition to deficiencies in some environmental materials legislative economic laws that regulate the economic process which led to disorder in the application and to rely on militancy and interpretations and instructions unclear which does not correspond with the political, economic and security conditions experienced by Iraq. In addition, the laws above and in particular some of the materials related to the investment and the relationship with the Iraqi banking sector was inhibiting the new building of the economy and not help add to that all the annual general budget's reliance on the expected production and marketing of oil without revenue to have a futuristic look of the Iraqi economy in line with the possibilities and capabilities material and human, structural and institutional capacity as well as the continuation of the previous central policies in the supervision and control over the private banking sector and not give him legal elasticities for the exercise of his funding and investment, which constitutes (48) commercial and Islamic banks and branches of foreign banks and Arab compared with (7) state banks account for (86%) of civil and government deposits and a capital not to exceed the relative importance (23%) compared with the total capital of private banks in terms of financial indicators for 2014 point to the following: - Total assets of 225 trillion dinars (204) trillion dinars to the government banks, (21) trillion dinars at private banks. Total capital 9 trillion dinars, of which 7 trillion dinars to the private banks, and (2) trillion dinars to the government banks constitute 23% of the total capital. Total deposits of 75 trillion dinars (86%) to the government banks, ( 14%) to the private banks. which led to the failure of this sector in turn contribute to the economic development and contribute to the diversification and development of other non-oil resources, a central goal of the Central Bank of Iraq as the influential and the expeditious thing that made us usher good government program of the new government and in particular the provisions axis III and private encouraging the shift to the private sector and paragraph (d) thereof which define paths and public mechanisms for the development of banking, which is definitely need to make great efforts of relevant government agencies with the government banking and the private sector for the diagnosis of the current economic situation and overcome the challenges and obstacles to reform and development of the banking sector Iraqi and propose the foundations and strategies effective to build introductions and features of the transition from the banking to the developmental role through the process all the mistakes and lapses in economic construction during the next four-year period with identifying paths of success and achieve the goals, according to the runway in the government program and one year after the life of the government note as far as the sector Iraqi banking thing is not realized the importance of leading Iraq's central bank and as declared by the Governor in a banking seminar which was led during the last month that the Iraqi Central Bank is currently working on the preparation of his plan for the next five years in order to develop sound foundations to raise the rate of monetary policy, develop and support the banking sector applications Iraqi manner that achieves the stated government program. For the purpose of the contribution of the experts, economists and bankers in the public and private sector in the mature ideas and visions to achieve that we put in front of the governor proposed the basic pillars for the preparation of the next five-year plan of the Central Bank of Iraq, as follows: - proposed the basic pillars of the five-year plan
first: - establishment of banking reform Council propose the formation of this Council of: - · Governor of the Central Bank of Iraq · Adviser Finance and Monetary Affairs Mr. Prime Minister · representative of the Finance Committee parliamentary · representative government banks · representative of the Iraqi private banks (Iraqi private banks association) · experts from the banking sector Special number
(2) in the monetary policy and fiscal policy · expert in macroeconomics from the College of Management and Economics / University of Baghdad The Council:
- 1. Study and analysis of the reality of the banking business in Iraq and the challenges it faces.
2. Operational policies and the restructuring of State-owned banks drawing according to the study and the note signed with the World Bank earlier and take advantage of its expertise in this area.
3. Executive find ways to apply what is stated in the government program with respect to the banking sector and set a time for the ceilings with a program of follow-up, monitoring and evaluation
4. Strengthening the role of pre-emptive censorship to limit money laundering and smuggling
5. Put a proactive plan to address the financial collapse experienced by some private sector banks because of the current circumstances to overcome while after the improvement of the financial situation of the country and the stability of world oil prices
6. Develop programs and policies of the continuous cooperation between the government and private banks with the unification of the transaction for both parties
7. Setting new standards for the classification and evaluation of banks in the light of the financial indicators and to measure the efficiency of its performance and its role in contributing to economic development.
8. Support and activation and development of the Iraqi Central Bank initiative to allocate 5 trillion dinars for banks specialized (housing, agricultural, industrial) and (1) trillion dinars to finance small and medium enterprises and creating new job opportunities and contribute to the economic and social development plans
9. Application comply with international banking standards, including the standard procedures for capital adequacy and financial disclosure for banks' financial statements
10. Encourage banks to set up Stadiq joint investment in order to expand the opportunities available to them for the implementation of major projects
Second: - legislative environment restore and modify the legislative environment laws governing the banking business and in particular to address the challenges faced by banks on the subject of contributing to the investment, with a focus on the central bank laws (56 for the year 2004) and banks (94 of 2004), money laundering (93 of 2004) and the issuance of Islamic banking law and the issuance of deposit insurance and the law of the financing of small and medium enterprises law.
Third: - activate the borrowing market to activate Helms paragraphs government program and in particular with respect to activation of lending between the central bank and inter-bank market as well as between banks and activating the role of government banks and specialized banks and private banks to provide soft loans to the private sector and the national as well as finding solutions to the problems of tax accumulated and benefits resulting from the stalled production entrepreneurs and the development of short and medium-term fiscal policy and activating the role of reserve requirements principal instrument for liquidity management solutions.
Fourth: - fiscal and monetary policies have coordination between fiscal and monetary policies in accordance with the contexts and specific mechanisms and be central please them goal is to build a new model of the national economy.
Fifth: - cooperate with the government to contribute with the government as a financial consultant and cash in the transition from a rentier economy to a multi-resource economy and to redistribute income National and according to the directives of the market economy.
Sixth: - the structure of the banking sector to adopt new monetary policy and financial lead to comprehensive reform and restructuring of the financial and banking sector of Iraq with an emphasis on restructuring the government banking sector according to what you stated the memorandum signed with the World Bank and the support of the private banking sector and strengthening of the existing potential, because without sound banking sector can not build a sound national economy.
Seventh: - credit and finance the total work to increase the credit product and funding from private banks and activate their contribution to various aspects of the reconstruction investment, and push the development process, and moving the economic cycle in Iraq, we see serious as an essential step is to begin to expand the financing of small and medium-sized private enterprises, social and economic target is of particular and urgent priority. And the development and promotion of microfinance and medium.
Eighth: - financing and development of small and medium enterprises that activate the role of government in building a strategy for the development of small and medium enterprises is the most important elements of success as the government that has the financial possibilities in a yield economy in which the private sector weakens to a large degree and can not be the advancement of this sector without having a plan for the development of this sector and build a clear and declared mechanisms for the private sector to actively participate so that they can be turned from a small continued government sector into a major partner and then to the commander in investment and construction operations.
IX: -alrkabh proactive activating Proactive control and re considering the instructions and implementing regulations and guidance on the applications of monetary policy and a precise regulatory system to follow up implementation and in particular Mai_khas foreign exchange auctions currency overseen by the Central Bank of Iraq without interfering with the independence as referred to by law.
Tenth: - information technology complete the system of information technology and system of payments measures National and divided executive and projects of modern other for the development of the banking business.
Eleven: - the transparency of financial statements and disclosure develop the range and quality of monetary and financial data with banks, with an emphasis on disclosure and transparency, the development departments of Statistics and research in all banks will organize and prepare the data and deliver it to the competent departments of the Central Bank Iraqi in a timely manner in order to take advantage of the indicators in forecasting and analysis and take the necessary steps to reform and development of the Iraqi banking sector, the central decisions.
Twelve: - the development of human resources development of human banking resources by adopting modern methods in training, rehabilitation and development capacity and functional expertise specialized.
Thirteen: - Accounting Standards International adoption of accounting and international standards and Maasdr all related to the global economy and international banking organizations and try to take advantage of it in the development and reform the banking operations.
Fourteen: - administrative and technical CBI structure reconsider the organizational structure of the technical and administrative Central Bank of Iraq and in particular that concerns the development of work in monitoring and supervision of the banking and money laundering Bmainsjm with the new law report to the Council of Representatives of Iraq now and the introduction of a circle to support and develop the private banking sector circles. Network Iraqis economists
[You must be registered and logged in to see this link.]
2015-08-12
Samir Abdullah said the Iraqi banking sector for more than twelve years and up to the present time practicing policies and mechanisms troubled regulated by experimental and can be considered a transitional phase is still ongoing in order to build a sound Iraqi experience in determining the foundations and pillars of the national economic construction depends fiscal and monetary policies applications essential and important Ekhalqat in This construction led by the Central Bank of Iraq as the first charge as stated in the law (56 of 2004) for the supervision and control of the banking system and run it according to its means in monetary policy applications and its impact on the overall economy on the grounds that the financial and monetary adviser to the government in addition to his duties essential to maintain Aldenarabraghi exchange rate against foreign currencies and build foreign cash reserves and the reduction of inflation, but unfortunately, they march needs to be fundamental constituents of maturation in the application and government support and strategic systematic depending on the study and analysis of the reality of rent-seeking Iraqi economy, which depends on an essential resource, and one that is oil, which is up to (54-60%) of the gross domestic product, and the lack of coordination between fiscal and monetary policies and different economic policies, according to the new building of the economy has contributed significantly to the fragmentation of applications in monetary policy and the different visions and strategies to get to the central targets set in addition to deficiencies in some environmental materials legislative economic laws that regulate the economic process which led to disorder in the application and to rely on militancy and interpretations and instructions unclear which does not correspond with the political, economic and security conditions experienced by Iraq. In addition, the laws above and in particular some of the materials related to the investment and the relationship with the Iraqi banking sector was inhibiting the new building of the economy and not help add to that all the annual general budget's reliance on the expected production and marketing of oil without revenue to have a futuristic look of the Iraqi economy in line with the possibilities and capabilities material and human, structural and institutional capacity as well as the continuation of the previous central policies in the supervision and control over the private banking sector and not give him legal elasticities for the exercise of his funding and investment, which constitutes (48) commercial and Islamic banks and branches of foreign banks and Arab compared with (7) state banks account for (86%) of civil and government deposits and a capital not to exceed the relative importance (23%) compared with the total capital of private banks in terms of financial indicators for 2014 point to the following: - Total assets of 225 trillion dinars (204) trillion dinars to the government banks, (21) trillion dinars at private banks. Total capital 9 trillion dinars, of which 7 trillion dinars to the private banks, and (2) trillion dinars to the government banks constitute 23% of the total capital. Total deposits of 75 trillion dinars (86%) to the government banks, ( 14%) to the private banks. which led to the failure of this sector in turn contribute to the economic development and contribute to the diversification and development of other non-oil resources, a central goal of the Central Bank of Iraq as the influential and the expeditious thing that made us usher good government program of the new government and in particular the provisions axis III and private encouraging the shift to the private sector and paragraph (d) thereof which define paths and public mechanisms for the development of banking, which is definitely need to make great efforts of relevant government agencies with the government banking and the private sector for the diagnosis of the current economic situation and overcome the challenges and obstacles to reform and development of the banking sector Iraqi and propose the foundations and strategies effective to build introductions and features of the transition from the banking to the developmental role through the process all the mistakes and lapses in economic construction during the next four-year period with identifying paths of success and achieve the goals, according to the runway in the government program and one year after the life of the government note as far as the sector Iraqi banking thing is not realized the importance of leading Iraq's central bank and as declared by the Governor in a banking seminar which was led during the last month that the Iraqi Central Bank is currently working on the preparation of his plan for the next five years in order to develop sound foundations to raise the rate of monetary policy, develop and support the banking sector applications Iraqi manner that achieves the stated government program. For the purpose of the contribution of the experts, economists and bankers in the public and private sector in the mature ideas and visions to achieve that we put in front of the governor proposed the basic pillars for the preparation of the next five-year plan of the Central Bank of Iraq, as follows: - proposed the basic pillars of the five-year plan
first: - establishment of banking reform Council propose the formation of this Council of: - · Governor of the Central Bank of Iraq · Adviser Finance and Monetary Affairs Mr. Prime Minister · representative of the Finance Committee parliamentary · representative government banks · representative of the Iraqi private banks (Iraqi private banks association) · experts from the banking sector Special number
(2) in the monetary policy and fiscal policy · expert in macroeconomics from the College of Management and Economics / University of Baghdad The Council:
- 1. Study and analysis of the reality of the banking business in Iraq and the challenges it faces.
2. Operational policies and the restructuring of State-owned banks drawing according to the study and the note signed with the World Bank earlier and take advantage of its expertise in this area.
3. Executive find ways to apply what is stated in the government program with respect to the banking sector and set a time for the ceilings with a program of follow-up, monitoring and evaluation
4. Strengthening the role of pre-emptive censorship to limit money laundering and smuggling
5. Put a proactive plan to address the financial collapse experienced by some private sector banks because of the current circumstances to overcome while after the improvement of the financial situation of the country and the stability of world oil prices
6. Develop programs and policies of the continuous cooperation between the government and private banks with the unification of the transaction for both parties
7. Setting new standards for the classification and evaluation of banks in the light of the financial indicators and to measure the efficiency of its performance and its role in contributing to economic development.
8. Support and activation and development of the Iraqi Central Bank initiative to allocate 5 trillion dinars for banks specialized (housing, agricultural, industrial) and (1) trillion dinars to finance small and medium enterprises and creating new job opportunities and contribute to the economic and social development plans
9. Application comply with international banking standards, including the standard procedures for capital adequacy and financial disclosure for banks' financial statements
10. Encourage banks to set up Stadiq joint investment in order to expand the opportunities available to them for the implementation of major projects
Second: - legislative environment restore and modify the legislative environment laws governing the banking business and in particular to address the challenges faced by banks on the subject of contributing to the investment, with a focus on the central bank laws (56 for the year 2004) and banks (94 of 2004), money laundering (93 of 2004) and the issuance of Islamic banking law and the issuance of deposit insurance and the law of the financing of small and medium enterprises law.
Third: - activate the borrowing market to activate Helms paragraphs government program and in particular with respect to activation of lending between the central bank and inter-bank market as well as between banks and activating the role of government banks and specialized banks and private banks to provide soft loans to the private sector and the national as well as finding solutions to the problems of tax accumulated and benefits resulting from the stalled production entrepreneurs and the development of short and medium-term fiscal policy and activating the role of reserve requirements principal instrument for liquidity management solutions.
Fourth: - fiscal and monetary policies have coordination between fiscal and monetary policies in accordance with the contexts and specific mechanisms and be central please them goal is to build a new model of the national economy.
Fifth: - cooperate with the government to contribute with the government as a financial consultant and cash in the transition from a rentier economy to a multi-resource economy and to redistribute income National and according to the directives of the market economy.
Sixth: - the structure of the banking sector to adopt new monetary policy and financial lead to comprehensive reform and restructuring of the financial and banking sector of Iraq with an emphasis on restructuring the government banking sector according to what you stated the memorandum signed with the World Bank and the support of the private banking sector and strengthening of the existing potential, because without sound banking sector can not build a sound national economy.
Seventh: - credit and finance the total work to increase the credit product and funding from private banks and activate their contribution to various aspects of the reconstruction investment, and push the development process, and moving the economic cycle in Iraq, we see serious as an essential step is to begin to expand the financing of small and medium-sized private enterprises, social and economic target is of particular and urgent priority. And the development and promotion of microfinance and medium.
Eighth: - financing and development of small and medium enterprises that activate the role of government in building a strategy for the development of small and medium enterprises is the most important elements of success as the government that has the financial possibilities in a yield economy in which the private sector weakens to a large degree and can not be the advancement of this sector without having a plan for the development of this sector and build a clear and declared mechanisms for the private sector to actively participate so that they can be turned from a small continued government sector into a major partner and then to the commander in investment and construction operations.
IX: -alrkabh proactive activating Proactive control and re considering the instructions and implementing regulations and guidance on the applications of monetary policy and a precise regulatory system to follow up implementation and in particular Mai_khas foreign exchange auctions currency overseen by the Central Bank of Iraq without interfering with the independence as referred to by law.
Tenth: - information technology complete the system of information technology and system of payments measures National and divided executive and projects of modern other for the development of the banking business.
Eleven: - the transparency of financial statements and disclosure develop the range and quality of monetary and financial data with banks, with an emphasis on disclosure and transparency, the development departments of Statistics and research in all banks will organize and prepare the data and deliver it to the competent departments of the Central Bank Iraqi in a timely manner in order to take advantage of the indicators in forecasting and analysis and take the necessary steps to reform and development of the Iraqi banking sector, the central decisions.
Twelve: - the development of human resources development of human banking resources by adopting modern methods in training, rehabilitation and development capacity and functional expertise specialized.
Thirteen: - Accounting Standards International adoption of accounting and international standards and Maasdr all related to the global economy and international banking organizations and try to take advantage of it in the development and reform the banking operations.
Fourteen: - administrative and technical CBI structure reconsider the organizational structure of the technical and administrative Central Bank of Iraq and in particular that concerns the development of work in monitoring and supervision of the banking and money laundering Bmainsjm with the new law report to the Council of Representatives of Iraq now and the introduction of a circle to support and develop the private banking sector circles. Network Iraqis economists
[You must be registered and logged in to see this link.]
