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“Banks are neglected” by the responsible authorities.. The financial sector in Iraq is entering a stage of “idle and failure”
Economy | Yesterday, 15:02 |
Baghdad today - Baghdad
The financial and banking sector in Iraq needs financial and administrative reforms to advance it after it entered a stage of “idle and failure,” according to international economics professor Nawar Al-Saadi.
Al-Saadi said, today, Thursday (October 26, 2023), that
“Iraqi banks are witnessing negligence from the responsible authorities, and have entered a stage of inactivity and failure,
which has made them lag behind significantly compared to other global banks or even neighboring countries that are witnessing sustainable developments,” noting that
“This negligence and delay causes the use of modern technologies in daily dealings and banking transactions.”
Al-Saadi explained in an interview with “Baghdad Today” that
“the main reason for the citizen’s avoidance of dealing with these banks is due to his loss of confidence in them,
which led to the
accumulation of funds and deposits with capital owners instead of depositing them in banks,
in addition to increasing interference and negative political influence.” on the performance of these banks.
Transparency and anti-corruption
He pointed out "the
need for radical financial and administrative reforms for the financial and banking sectors, such as enhancing transparency and combating corruption," noting that
"transparency in the operations of the financial and banking sector and
combating corruption must be enhanced through the application of strict laws and effective supervisory mechanisms." Al-Saadi also stressed
"the necessity of improving infrastructure, as
banks and financial institutions need to
improve their infrastructure and
adopt modern information technology to provide better and safer services, as well as
develop policies and regulations to enhance stability and economic growth." He pointed out that "the
most important thing is to strengthen small and medium-sized finance by supporting loans and financing for small and medium-sized companies, which in turn encourages the growth of the economy.
In addition to everything mentioned, we also need to
train and develop human resources, as
investment must be made in training and developing professionals in the banking and financial sector to ensure the provision of Services are of high quality.”
Financial and administrative reforms
The professor of international economics stressed that
“financial and administrative reforms must usually be implemented in cooperation between the government, parliament and the judiciary, as they are a complete system,” noting that
“the government plays an important role in providing the necessary policies and procedures to achieve reforms, and
Parliament plays an important legislative role in passing the financial and banking laws and regulations necessary to implement them.” Reforms. In addition, the
judiciary can be effective in monitoring the implementation of these reforms and holding those responsible accountable for any violations, especially cases of financial corruption that destroyed everything in Iraq.” He concluded his speech by saying,
"Therefore, the cooperation of the authorities helps in achieving
success in implementing financial and administrative reforms,
ensuring their sustainability, and
avoiding the collapse of the financial and banking sectors."
On (August 3, 2023), Prime Minister Muhammad Shiaa Al-Sudani directed all concerned institutions to adhere to working in accordance with what was stated in the Central Bank of Iraq Law No. 56 of 2004.
The Sudanese Media Office stated in a statement,
“In confirmation of the government’s approach to continuing reform of the financial and banking sector, and
to complement the efforts made by the regulatory agencies and financial institutions concerned with controlling transparency and integrity in this vital sector, the
Prime Minister directed all concerned institutions to adhere to working on... According to what was stated in the Central Bank of Iraq Law No. 56 of 2004.” He stressed,
"The above-mentioned law shows that the Central Bank of Iraq is the only body that has the authority to take all measures to regulate and monitor the work of banks and non-banking financial institutions to ensure their compliance."
https://baghdadtoday.news/234133-المصارف-مُهملة-من-الجهات-المسؤولة.-القطاع-المالي-في-العراق-يدخل-مرحلة-الخمول-والفشل.html
Economy | Yesterday, 15:02 |
Baghdad today - Baghdad
The financial and banking sector in Iraq needs financial and administrative reforms to advance it after it entered a stage of “idle and failure,” according to international economics professor Nawar Al-Saadi.
Al-Saadi said, today, Thursday (October 26, 2023), that
“Iraqi banks are witnessing negligence from the responsible authorities, and have entered a stage of inactivity and failure,
which has made them lag behind significantly compared to other global banks or even neighboring countries that are witnessing sustainable developments,” noting that
“This negligence and delay causes the use of modern technologies in daily dealings and banking transactions.”
Al-Saadi explained in an interview with “Baghdad Today” that
“the main reason for the citizen’s avoidance of dealing with these banks is due to his loss of confidence in them,
which led to the
accumulation of funds and deposits with capital owners instead of depositing them in banks,
in addition to increasing interference and negative political influence.” on the performance of these banks.
Transparency and anti-corruption
He pointed out "the
need for radical financial and administrative reforms for the financial and banking sectors, such as enhancing transparency and combating corruption," noting that
"transparency in the operations of the financial and banking sector and
combating corruption must be enhanced through the application of strict laws and effective supervisory mechanisms." Al-Saadi also stressed
"the necessity of improving infrastructure, as
banks and financial institutions need to
improve their infrastructure and
adopt modern information technology to provide better and safer services, as well as
develop policies and regulations to enhance stability and economic growth." He pointed out that "the
most important thing is to strengthen small and medium-sized finance by supporting loans and financing for small and medium-sized companies, which in turn encourages the growth of the economy.
In addition to everything mentioned, we also need to
train and develop human resources, as
investment must be made in training and developing professionals in the banking and financial sector to ensure the provision of Services are of high quality.”
Financial and administrative reforms
The professor of international economics stressed that
“financial and administrative reforms must usually be implemented in cooperation between the government, parliament and the judiciary, as they are a complete system,” noting that
“the government plays an important role in providing the necessary policies and procedures to achieve reforms, and
Parliament plays an important legislative role in passing the financial and banking laws and regulations necessary to implement them.” Reforms. In addition, the
judiciary can be effective in monitoring the implementation of these reforms and holding those responsible accountable for any violations, especially cases of financial corruption that destroyed everything in Iraq.” He concluded his speech by saying,
"Therefore, the cooperation of the authorities helps in achieving
success in implementing financial and administrative reforms,
ensuring their sustainability, and
avoiding the collapse of the financial and banking sectors."
On (August 3, 2023), Prime Minister Muhammad Shiaa Al-Sudani directed all concerned institutions to adhere to working in accordance with what was stated in the Central Bank of Iraq Law No. 56 of 2004.
The Sudanese Media Office stated in a statement,
“In confirmation of the government’s approach to continuing reform of the financial and banking sector, and
to complement the efforts made by the regulatory agencies and financial institutions concerned with controlling transparency and integrity in this vital sector, the
Prime Minister directed all concerned institutions to adhere to working on... According to what was stated in the Central Bank of Iraq Law No. 56 of 2004.” He stressed,
"The above-mentioned law shows that the Central Bank of Iraq is the only body that has the authority to take all measures to regulate and monitor the work of banks and non-banking financial institutions to ensure their compliance."
https://baghdadtoday.news/234133-المصارف-مُهملة-من-الجهات-المسؤولة.-القطاع-المالي-في-العراق-يدخل-مرحلة-الخمول-والفشل.html
