Attention Chatters!!

We are no longer chatting in this room. It has served its purpose for a few years now.....

now we are all moving to a new chatroom

Evy (not using Shilo...but using Maddy) & Mama(MamaEhrhardt) are currently chatting here.

please go to this site, register and join us in our newest journey in following the dinar investment.

This site will no longer be maintained.

Economic expert: Mali: the current phase is one of the most important and most difficult stages of banking reform

Go down

Economic expert: Mali: the current phase is one of the most important and most difficult stages of banking reform

Post  Shilo on Wed Apr 14, 2010 10:43 pm

Thursday April 15, 2010

BAGHDAD – Hussein Tgb
Emphasized the appearance of Dr. Mohamed Saleh adviser at the CBI on the importance of the adoption of programs and mechanisms in the field of financial reform and banking sector. Working to develop the financial sector in Iraq.

In line with developments in the countries of the developed world. And its impact on economic growth in a country where free market economy. By eliminating the problems that hamper investment in these countries.

Saleh said in his speech (economic morning): that the financial reform and banking is the establishment of a financial system capable of mobilizing domestic financial resources and international and re-allocation and efficiency of the service of economic activity in order to achieve high and sustained economic growth, and leave that reform in the modernization and deepening and strengthening of all units the financial sector.

As well as significant changes in the nature of the banking industry and restructuring in Iraq for the purpose of mobilizing domestic savings and reduction of capital in addition to the immigrant part of the possibility of attracting foreign investment flows.

In order to be reforms, financial systems and banking successful, it must be part of a more comprehensive strategy for change and reform through economic and structural reorganization of the national economy.

He said financial reform and banking is reflected in the process of liberalization of this sector in order to keep abreast of financial and banking world, which are established to be free from restrictions and barriers and increasing competition among banks, the use of technological means advanced communications and information as well as the application of the decisions of the Basel Committee in order to work within the international standards for banks, bringing the their international competitiveness in international action.

Saleh continued by saying: This is the stage of the most important and most difficult stages of banking reform in Iraq, because the start of the change process towards reform Ba require considerable effort and the whole reform process depends on the success of this phase, which include the formation of the private banking reform. Where the State by establishing a special body to reform banking.

Take it upon themselves to policy-making banking reform and diagnosis of necessary equipment and supervision of banks.

That granted by the State the ability to pass laws and procedures and to provide capital necessary to perform its work.

And includes the elements that have a knowledge of existing problems and aware of the need of present and future.

Perhaps the most important functions work on the development of policies and proposals are necessary.

And re-evaluate the work of the banking system and its effectiveness. Through credit rating, size and degree of risk and liquidity ratio.

In this area should be referred to the decisions of the Basel Committee to be based on units of the banking system to all international standards in terms of efficiency and effectiveness. And improve the level of control and the development of accounting systems.

So transparent and much more clarity than ever before.

He pointed to the importance of restructuring the banking sector by encouraging mergers among banks, private banks, small ones.

For the establishment of big banking units can provide banking services in more than one area at a competitive cost.

What supports their competitiveness in the banking market in Iraq.

Especially after giving way to enter the commercial banking sector in Iraq.

Stressing the need to work to establish a consortium of all private banks is the Federation of Iraqi banks, similar to the Union of Arab Banks. And works to develop the work of private banks.

Expressed in the face of those banks and connects the private banking sector sector international exchange.

And that is the process of banking reform gradually by starting to government banks and private banks access to and all the components of the financial and banking sector from non-bank financial institutions and elements of monetary and financial market.

In addition to creating a new bank or choose a bank-based model for the reform process.

For the purpose of making the necessary changes in government banks.

It must provide an alternative (a token) role model by other banks so that the bank supports this new ways in marketing banking and financial services.

As well as creating an institute for the development of banking is to develop capabilities of the Iraqi bank and the development of research and studies.

For all banks the right to benefit from the Institute of capacity-building for staff or seeking to work in banks in both the public and private sector.

There is no doubt that the Institute will provide the staff necessary to develop the banking industry by re-skill existing and develop new skills (new generation) and would prefer that the Institute be cross-sectoral and flows competencies of internal and external can also use the status of Banking Studies of the cadres specialized scientific academics in universities Iraq.

Where the funding for this Institute through the allocation of a percentage of the profits of international banks in the country determine these proportions through the study and then obliging the banks for payment, also employed in some studies institutes financial and offshore banking.

Posts : 1064
Join date : 2009-12-27
Age : 53
Location : Canada

Back to top Go down

Back to top

Permissions in this forum:
You cannot reply to topics in this forum