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Alnasiri: we need a plan to prevent financial collapses
9/16/2015 0:00
BAGHDAD - Hussein al-Tamimi Tgb
escalate the need to lay the foundations and contexts and laws that serve to rebuild the economy in accordance with the new look depends potential of the state and the private sector, particularly the banking sector and draw a phased and strategic road map.
Member Baghdad Economic Forum Samir Nasiri said that the economic reform process that requires lay the foundations and styles The new economic reform, pointing to the importance that begins to reform the banking because without sound banking sector can not build a sound national economy.
He focused on the development of a plan to address the financial collapse experienced by some private sector banks due to lack of current liquidity conditions and harmed financially and physically, especially in the hot areas affected by terrorism.
He suggested in an interview with {the morning «to take immediate remedial action in the banking sector the formation of a specialized team is linked to the General Secretariat of the Council of Ministers headed by the Prime Minister for Economic Affairs Adviser and membership of specialists and experts, representatives from the Iraqi Central Bank and Ministry of Finance and the Association of private banks Iraqi as well as economists
and bankers.
Alnasiri between the need that the team shall be considered and discuss the executive procedures for reforming the banking first economic reforms approved by the Council of Ministers step and ratified by the House of Representatives, which include modifying the laws governing the banking business and is the Banking Act (94 of 2004) and the Law on the Central Bank (56 of 2004) and the law of Iraq Stock Exchange (74 of 2004) and the Law on Money Laundering (93 of 2004) and the Law on Investment, as amended (13 of 2006) and the Companies Act (21 of 1997).
He stressed the adoption of a new financial monetary policy lead to the overhaul and re- restructuring of government and the private banking sector, and the development of contexts and mechanisms for coordination between financial and executive two policies, as well as activating the supervision and control of pre-emptive electronic banking and supervision in accordance with the preparation and issuance of instructions and regulations guiding executive
new.
Alnasiri urged to activate the role of government in building a strategy for the development of micro, small and medium enterprises and to develop mechanisms building clear the private sector to actively participate so that they can be transformed from continued government sector into a major partner and then to the commander of the market, and the creation of investment funds and the contribution of banks in which to finance large projects
and strategy.
He stressed the need to focus on increasing credit and finance, soft loans and activation of employment deposits in the aspects of investment and reconstruction and advancing the process of economic development, as well as the development of information and banking technologies of modern technology in all its forms with a focus on disclosure and transparency of financial statements for banks and customers, urging the instructions and mechanisms that contribute to the development of human banking resources and in particular the protection of experiences or leading banking competencies of being a national economic expertise put thus contributing to the stability and development of the banking business, warning of the need to develop new criteria for the classification of private banks in accordance with international standard criteria
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9/16/2015 0:00
BAGHDAD - Hussein al-Tamimi Tgb
escalate the need to lay the foundations and contexts and laws that serve to rebuild the economy in accordance with the new look depends potential of the state and the private sector, particularly the banking sector and draw a phased and strategic road map.
Member Baghdad Economic Forum Samir Nasiri said that the economic reform process that requires lay the foundations and styles The new economic reform, pointing to the importance that begins to reform the banking because without sound banking sector can not build a sound national economy.
He focused on the development of a plan to address the financial collapse experienced by some private sector banks due to lack of current liquidity conditions and harmed financially and physically, especially in the hot areas affected by terrorism.
He suggested in an interview with {the morning «to take immediate remedial action in the banking sector the formation of a specialized team is linked to the General Secretariat of the Council of Ministers headed by the Prime Minister for Economic Affairs Adviser and membership of specialists and experts, representatives from the Iraqi Central Bank and Ministry of Finance and the Association of private banks Iraqi as well as economists
and bankers.
Alnasiri between the need that the team shall be considered and discuss the executive procedures for reforming the banking first economic reforms approved by the Council of Ministers step and ratified by the House of Representatives, which include modifying the laws governing the banking business and is the Banking Act (94 of 2004) and the Law on the Central Bank (56 of 2004) and the law of Iraq Stock Exchange (74 of 2004) and the Law on Money Laundering (93 of 2004) and the Law on Investment, as amended (13 of 2006) and the Companies Act (21 of 1997).
He stressed the adoption of a new financial monetary policy lead to the overhaul and re- restructuring of government and the private banking sector, and the development of contexts and mechanisms for coordination between financial and executive two policies, as well as activating the supervision and control of pre-emptive electronic banking and supervision in accordance with the preparation and issuance of instructions and regulations guiding executive
new.
Alnasiri urged to activate the role of government in building a strategy for the development of micro, small and medium enterprises and to develop mechanisms building clear the private sector to actively participate so that they can be transformed from continued government sector into a major partner and then to the commander of the market, and the creation of investment funds and the contribution of banks in which to finance large projects
and strategy.
He stressed the need to focus on increasing credit and finance, soft loans and activation of employment deposits in the aspects of investment and reconstruction and advancing the process of economic development, as well as the development of information and banking technologies of modern technology in all its forms with a focus on disclosure and transparency of financial statements for banks and customers, urging the instructions and mechanisms that contribute to the development of human banking resources and in particular the protection of experiences or leading banking competencies of being a national economic expertise put thus contributing to the stability and development of the banking business, warning of the need to develop new criteria for the classification of private banks in accordance with international standard criteria
[You must be registered and logged in to see this link.]
