Assurances of the importance of banking partnership between the public and private sectors
The banking sector is heading towards the diagnosis of the most important challenges that confuse the reality of development banking in the country, stressing the importance of money banking cooperation experts between the public and private sectors to reach the ideal working environment for all economic sectors.
President of the Association of private banks in Iraq, Adnan Chalabi pointed out in an interview for (morning) to launch new banking strategy during the first Iraqi banking Conference, stating that the strategy is launched during the Conference to be discussed thoroughly by banks from the public and private sectors to come up with an agreement or near agreement.
The press conference organized by the Association in preparation for the Conference to be held later this month to the strategic governing banking now and the future, and develop a phased development prospects to promote banking services gradually, pointing out that the Conference was an opportunity to put forward views and suggestions in the development of the banking sector, in particular the Conference includes display (12) in search of six research on Oct. 28-29 of this month, in addition to extensive discussions about the problems that limit the development process.
Chalabi said that all efforts to come up with recommendations to effectively contribute to the value in the development of the banking sector, which is the most important element in the process of economic recovery, cannot develop the economy away from the banking sector up to international banking technologies, capable of providing advanced services to beneficiaries.
The confidence of international banks
As General Manager of Bank Islamic Abdul Hussein Al-mundhiri rivers has pointed to the importance of the first Iraqi banking Conference, pointing out that Iraq from Chapter VII to make Iraqi bank market destination new destination leading global banks known as confidence in the global economy such as the neighborhood. My Standard Chartered morken and Bank of America Bank of romanization. He said the Government and private banks partnerships and sign memorandums of understanding with the banks to get the accumulated experience in dealing with the financial and economic crises and how to operate their capital and deposits from the public in corporate finance, small, medium and large. These companies will be working in our banks the opportunity to gain experience and confidence in entering new investment patterns on the banking market.
He continued: after the success of private banks to increase their capital overflowed with enormous cash block liquidity exceeded five trillion dinar is currently looking for investment opportunities for funding. As well as the trillions given as commercial loans and real estate and industrial productivity and others. This increase in capital has confidence again by private banks after shocks suffered by its reputation as a result of abuse of some banks to conduct banking business proper, having suffered penalties and deterrents from the Central Bank, public funds are deposited returned again in private banks.
Prospects of cooperation
The Executive Director of the Association of private banks in Iraq Abdul Aziz Hassoun: the strategic banking will go on working to develop the work of banks in General, in addition to consolidating the prospects for cooperation between banking and financial market. these efforts are prerequisites in order to discuss the challenges that affect the development of the Bank, especially to private banks in the country had come a long way in adopting modern technologies could not state banks can access it, especially living in a restructuring phase. Stressing that the evolution of private banks have not lived up to the level of ambition, though built good relationships with banks worldwide with advanced classification list rankings.
Amendment of the Banking Act
He highlighted papers that will be presented during the Conference that dealing with the amendment of the Banking Act, allowing private banks to build investment that will positively affect the reality of the Iraqi economy in terms of production and services.
Finch returned to confirm that international involvement will be the quality and quantity and its presence will have a positive impact, it can convey a clear picture of the future of the Iraqi banking sector, pointing to the space of the Conference of the World Bank, which will have up his sleeve across the research prepared for the poses in this Conference, where everyone is aware of its importance in the economic development process. Noting that the presence of Arabic will be active through banks banks banks Association and Arabic, in addition to the different banking experience.
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