Promotion of the private sector requires a guarantor banks
02/5/2012 3: 22 am
Baghdad-Hussein thghb Al-Tamimi
Keep need quick banking system fits the economic transition of the country, where the nature of the new economy requires a sophisticated banking system, to create a State of balance between different sectors of the economy and the financial sector to serve the desired development process.
And among experts that the local banking sector to slow paced day towards development and modernity in banking services, especially that stage requires open bank wide world and bring global experience to the country, where the implementation of large investment projects by country require development next banking developed capable of meeting the needs of construction.
Financial expert Fadel çáïèçó told (morning): the development of the private banking sector has become a necessity for stage, pointing out that ]the process of developing and organizing private banks are in accordance with the regulations of the Central Bank of Iraq, where many systems that were representing the private banking sector working conditions, including raising capital for banks to (250) billion dinars before the end of next June, pointing out that United Bank for investment announced in recent days reached this ceiling, while seeking other banks this trend and attain specified capital ceiling.
He added that the process of promoting private banks require expanding areas of deal and uses with public and private sector, as banks and governmental find towards the private sector, noting that private banks is characterized today by General banks quickly doing business as well as accuracy, because these banks can case officer with Bank management and its Director and this appears clear when you open credit that don't take up too much time.
Dabbas also said the world left to rely on State banks and private banks chosen calling inspired this experiment and taken as a model by giving the Iraqi private banks the right to enjoy the powers of Rafidain and Rasheed right any Government Department or company that shall be entitled to exercise banking operations with the banks, along with the tight control by the Central Bank of Iraq, particularly that most private banks have sophisticated banking systems comparable to the banks of the region.
He drew a stagnation in the evolving experience in time find world depends on sophisticated technology and find the private banks plan to develop human cadres and before the adoption of the financial incentives and promotional plans adopted by banks for development efficiency through participation in accredited training courses run from global experts in this area. Also you must establish personal training centres take it upon themselves to bring sophisticated banking systems to country and adopted during the period ahead and proposed the establishment of a specific Street financial center within Baghdad along the lines of that increase in advanced countries of the world, must be trshik State banks because the developed world led this trend with the development of the local economy and the great successes achieved during the past period.
And that money needs to be invested energy and vice versa, a party without the other could come up with a result serving the local economy, and energy need funds to build a project product, emphasized the adoption of an ambitious plan to build a sophisticated private banking system during the next five years, General banks sings about, because this trend leads to the adoption of a liberal economy, especially the more developed private banking systems of public banks. It is also able to resolve many economic problems through the adoption of lending to SMEs and to help in solving the unemployment crisis and contribute to these projects in the development of the Iraqi economy by creating a balance between energy and money.
Dabbas says that returned to develop private banking sector contributes considerably to address all the problems facing the country, economic and investment is one of the solutions to them, because it will come with all the missing country expertise and funds necessary for the promotion of the Iraqi economy. He noted that the presence of private banks cash blocks contribute substantially to the development of all vital sectors without exception where you find money to spend in the sectors of industry and agriculture as well as the vital tourism sector is important, and maintained the funds wansiabitha to serve the economy would follow by the competent authorities.
With expert called to the need to give impetus to the private banking sector to take the required course in development and construction.
Banking expert said Akil mftn spring: the private banking sector faces crippling complications of movement regarding the nature of the laws in force in the banking sector implemented every help and guidance of the Iraqi Central Bank in raising bank capital in accordance with the criteria approved in addition to possessing the required to keep pace with evolving technology required for banks but in contrast most supportive means and facilities investment sector hands launches
On the question about the reasons for fluctuations of the dollar to Iraqi dinar account referred to the spring that the Central Bank could correct that prove guided cash dinar over 3-4 years where he pumped between 150-350 million dollars a day and things were going normally.
I don't believe that sanctions on Syria and Iran had reason to soak up the dollar as the problem with them since last year which is why raised these days and started answering the question central to the non-pumping proceedings dollar, reducing the quantities that pump what prompted the dollar to rise at the expense of the dinar.
Added: Wham you example food commodity trader sets a 20 percent profit for competition and secretly changed the dollar 110 points meaning checked 17 percent of profits available. He noted that the decision to delete zeros since 2007 plans to reduce 117 points in 2012 meaning sought to be $ 1 equals 1 dinar and thus be equal but you happened to change dollar 110 points, instead of achieving 117 points and you can imagine the situation.
On the solution to the dollar as the Central pump regulated program and tastiest boils down to return to the system that walked away from five years ago and is pumped 200 million dollars to banks at when the point because the 35-40 million people need millions of dollars to import food and other basic requirements.