Recovery of the financial sector


Author: Mohammed Sharif Abu Mayssam

02/01/2017 0:00

It ‘s really heartening to accelerate steps to the introduction of technologies in theIraqi banking sector, as many of the suffering this sector of the delay in performance and a decrease in credit rates and the size of deposits caused by the absence ofintractable to treatment of trust between the public and between the government and private banks alike, it which it was and still is a major cause to enter the sector of the recovery room due to his inability to perform its most important function of moving the money supply beyond the circulation, estimated by the CBI about 71 percent of the money issued by this bank. Thus, the introduction of technologies willrevive this sector through the reduction of slack loops and reducing the phenomena of corruption and bureaucracy, which would push back the confidence of these financial institutions.
The achievements made in this regard during the past four months for optimism and wonder at the same time , since all what has been achieved over the past thirteen years in the axis of the introduction of technologies as the most important hub in the trilogy restructuring of State – owned banks and raise the eligibility banks with the restructuring of capital and personnel training, It is not achieved by more than one entry clearing system and e-purchase communication and computing electronic systems, while came to us the past four months the introduction of the “National divider” private system of exchange of financial transfers through credit cards , which will link the banks communications network and one will facilitate a lot of trading and banking transactions can be that eliminates the standard routine review of banks and complete the transaction as soon as possible, through electronic payment instruments, while the work was “electronic system for the exchange of credit information” to pay off to leave style – based paper correspondence work and contributes to the credit risk assessment and make quick decisions in granting loans In the payment and clearing operations. Previously these two important steps the introduction of the electronic Form in the Central Bank ‘s initiative loans in the specialized banks, and in the ninth of January , the Central announced the adoption of the international mathematical figure IBAN in all local and foreign remittances for the purpose of unification of bank account numbers will contribute to the improvement of the level of financial, banking , and bypass services common mistakes valuable use of customer accounts when remittance figures .. as well as the amendments made by the central mechanisms in entering the auction sale of the currency, and a decision independently in the fight against money laundering within the central office. And contracting with international companies for training on modern operations in the fight against money laundering. All of these important steps will not stand usefulness when restore confidence among the public and among financial institutions, but will be extended to encourage the arrival of foreign funds to the Iraqi home and will contribute to creating a favorable climate for investment, but the question hovering at timings, why were all these steps late and once at this time ?

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