BAGHDAD – Hussein al-Tamimi Tgb Shokran Fatlawi
He d. On the Keywords that the Central Bank is working to be the first institution in Iraq, using the best technologies and regulations governing the work of the banking sector.
Added Keywords in a speech on the sidelines of a seminar of the Institute of progress for Development Studies addressed the strategic central bank: the strategy launched by the Central recently, were the first in the history of Iraq in terms of content and method of preparation, as the first plan went through all the stages that require going through the plan, noting that he have an actor and a real role on the ground have been adopted for implementation and follow-up mechanisms.
He said the strategy announced took into account expansion in the framework of the central functions and emerged from our perception of the economic framework of the country after the shift to a free market economy and the significant role that will fall on the private sector in the joints of the management of the economy, pointing out that they were built according to the preamble to the central bank law aimed at price stability and sustainable development .
He noted that the strategy includes five goals quoted the central focus of monetary policy to other aspects, pointing to cooperate with the Iraqi private banks association to adopt education and awareness campaign targeting the Iraqi street, the importance of banking transactions.
Mehdi al-Hafez said in his welcoming speech to the need to look at the subject of Alstrtejah launched by the Central Bank for five years and announced the Keywords, noting that it is rich in material banking go to work in the right direction in the future.
A positive step
For his part, Ali Tariq, executive director of the Association of private banks in Iraq: that the launch of the strategy at this time is a positive step task will determine the vision of the Iraqi Central Bank, in addition to the central plans towards the banking sector, noting that contained many points aimed at the development of the banking private sector, pointing a willingness to cooperate in the Association paragraphs that require the concerted efforts of private banks with the central bank to apply.
Tariq said that many of the important things that have been neglected previously gave the central bank’s priority in Strutijeth This is an important issue, pointing out that this approach expands the horizons of cooperation between the central and private banks in order to achieve economic viability of Iraq.
Returned Governor of the Central Bank says that among the goals of the strategic financial stability as we work to read the challenges facing this side and we seek to put her plan in collaboration with several entities and defining roles and establishing a basis for the evaluation of assets is an important financial institutions and their role in the face of financial crises.
On the subject of censorship, he said: It is an important aspect in the work of central banks, pointing to the hiring of an international center to evaluate the banks in terms of the physical aspects, warning of the importance of the financial system to protect where it is exposed to crimes such as money laundering, referring to the exceptional effort in the preparation of the money laundering law based on international standards to be acceptable at the international level.
Keywords revealed the contract with the Office of international scrutiny to develop procedures for the sale of currency «Dollar» to control the dollar cash flow, also pointed out that the central focus on the topic of financial inclusion for the positive role in the economic life, referring to the quest to develop the financing of small and medium enterprises which will create a framework for sector legally integrated, as well as working to stimulate the field of Islamic banking, which is expanding in Iraq. He said the establishment of guarantee deposits in the banking institution, as we are now close to passing a law it will pass in the House, pointing to the continuing efforts to develop a universal banking system, which represents a significant shift for the work of the central bank. That there was extensive discussion by the participants on the strategic challenges and implementation mechanisms, also answered questions Keywords on banks regarding strategy.