Economy News _ Baghdad
The Central Bank of Iraq (CBE), the economic and banking advisor to the Association of Iraqi Private Banks, said on Wednesday that the Central Bank is proposing new banking products to support the profitability of banks and achieve financial coverage for 2019. He pointed out that the bank has worked in the past two years with deliberate steps, Arabic and foreign.
Al Nusairi said in an interview with “Economy News” to “confirm the policies of the Central Bank to activate the banking activity and support the profitability of banks and achieve the strategy of financial inclusion by providing the widest spread of new banking services and products proposed by the Central Bank and in line with the provisions of the Banking Law 94 of 2004 and structural and structural developments And the training and qualification of banking cadres achieved during the years 2017 and 2018, which will help the banking departments to activate the new banking products proposed so the central bank has set up a specialized meeting in the presence of leaders in the Central Bank and banks Association of Banks in order to develop operational mechanisms and procedures for the direct release of these products and direct support effective and assigning the central bank for the purpose of helping banks to overcome the decline in revenue. ”
He added that “the bank is working to revitalize the economic cycle by moving the real banking activity and not rely on the window selling foreign currency after the decline of Makan provides the banks a daily profit before the stability of the exchange rate, one of the objectives of monetary policy, which was achieved in 2018.
” Central in 2019 new visions for monetary policy applications for the purpose of achieving the objectives of monetary policy based on transparency and disclosure and the application of international standards and confidence in banking transactions between banks and cooperation in the implementation of instructions and decisions issued by the higher authorities, In line with the spirit and contents of the decisions and to enhance the continued provision of banking products and services to customers and the continued efforts of the extraordinary by the Association of Banks and Banks to improve the reputation of banking institutions and international financial institutions and correspondent banks.
“Nusseiri said,” The Central Bank has worked during the past two years in a deliberate and sequential steps coordinated with The international concerned bodies and building strong relations with the central banks Arab and foreign as well as the Association of banks to move across the Arab and foreign countries to clarify the bright points of the Iraqi banking sector and developments during the age And set a strategy for the years (2016-2020). It set its objectives to achieve financial stability and to develop the banking business technically, structurally and organizationally, and to provide it with the aim of achieving financial comprehension. It prepared and laid down the financial and technical foundations Which is suitable for the reality of the Iraqi economy and the mechanisms of banking work, which formed a solid base on the scale of the home and abroad, which led to the transfer of the state of the Iraqi economy in its core and most prominent banking sector to a good ranking according to the classifications of the Financial Action Group and Financial organizations and institutions , Arab and foreign.
He added that all this led the Central Bank to plan for a new phase in 2019 and 2020, the last two years of its strategy based on the following pillars: –
1 – working and dealing with banks new mechanisms to lift the pressures of specific instructions and give them flexibility and facilities and many more to add products And achieve the central objectives in development and economic and banking reform and the adoption of transparency and disclosure.
2 – Dealing with banks based on the introduction of new and high-level banking products and services and restore the confidence of the public in the banking sector in addition to the results of its business and the extent of its commitment to implement the monetary policy directions of the Central Bank and reflect on their actual contribution to GDP and its contribution to sustainable development and its transition from the role of exchange to Development role.
3- Dealing with banks according to their classification criteria approved by the Central Bank according to international standard standards. And try to qualify weak and troubled banks and return the map of the banking market, creating a balance between the need of the economy to contribute banking finance in sustainable development and the level of new banking products and services provided.