Deposits are the key to development in the Kurdistan region


President of the Association of Iraqi Private Banks Wadih al-Hanalal «Economy News»
 Articles

Wadih al-Hanal *

The joint workshop, titled “Financial Inclusion in the Kurdistan Region,” organized by the Central Bank of Iraq, the Association of Iraqi Private Banks and banks located on the territory of the region, raised a very important issue for what is required of banks to achieve economic development in the center or region .

Perhaps the central bank’s mandate for the subject of financial inclusion is one of its priorities within the activation of the role of banks in general in achieving economic development after trying all the means in this aspect, it became stable that no development without banking activity solid .

Add to the above that the international requirements concerning the International Monetary Fund and the criterion of the measure of the degree of development of banks is through the implementation of the idea of ​​financial inclusion, adding a new task on the Central Bank of Iraq to devote its interests to this aspect and this symposium is one of the important issues .

The most prominent question that arises now .. How do banks to do the program of financial inclusion in light of the weakness of the deposits required to lend?

As a result of the activation of the economic side through lending to small and medium enterprises, where this method is successful in shaping the economic future of any country wants to get up again .

My intervention in this workshop has charted the right road map for the possibility of encouraging deposits with banks to enable them to play their role in development .

A senior official in the region, as usual, has been told on the need to resolve the issue of deposits with banks in the region and restricted to lending and development banking activity .

We proposed to the Kurdistan Regional Government the need to resolve this file in the same way as the double tax file, so as to activate the role of banks in moving the stalled development projects in the region after the availability of liquidity to banks through the release of their reserved deposits .

In order to enable banks to return their activities to small and medium enterprises, deposits must be directed towards them and localization of salaries is only one of the foundations of the lending program .

The question now arises strongly what banks are doing about the continued holding of their deposits with the weakness of the deposits they enter .

Thus, deposits are the key to development in the region .

Has the message arrived? Yes, they are confident of a breakthrough in this aspect that will serve the economy .

· President of the Association of Iraqi Private Banks

http://economy-news.net/content.php?id=12038

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