Al-Nusairi invites the Prime Minister to meet with private banks and address obstacles to their contribution to overcoming the economic crisis

[yota691]

Al-Nusairi invites the Prime Minister to meet with private banks and address obstacles to their contribution to overcoming the economic crisis

 

Economic and banking advisor to the Iraqi Private Banking Association, Samir al-Nassiri

Banks The Economy News - Baghdad The Economic and Banking Adviser to the Association of Iraqi Private Banks, Samir al-Nassiri, called on Sunday, the Prime Minister to meet with Iraqi private banks similar to his meeting with Iraqi businessmen for the purpose of discussing the obstacles to their work and their contribution to overcoming the economic crisis because without a sound and sound banking sector, no sound national economy can be built. Al-Nusairi said in an interview with "Al-Iqtisad News", that "Prime Minister Mustafa Al-Kazemi and the emergency cell for financial reform do not hide the complicated economic conditions and repercussions of the spread of Corona virus, political disputes and conflicts by the political parties and blocs that led to great harm to the national economy and stalled the economic cycle and economic stagnation Added to this are the accumulations and repercussions in the absence of a clear economic approach to previous governments, foggyness, and confusion of vision for real economic reform.And since the banking sector is the main link in the economic process, the current conditions have contributed to stopping the banking activity, especially the private banking activity since the outbreak of the demonstrations in October 2019, and so far, which has had clear effects on the lack of liquidity, low deposits, credit, loans and banking facilities due to the stop of working hours. During the comprehensive roaming ban for more than 30 days and reducing the permanence and banking activity during the partial curfew, which led to a significant decrease in revenues, despite the many measures taken by the Central Bank in providing several facilities package for banks, including enhancing its liquidity by reducing the percentage of the legal reserve, postponing loan installments, stopping and postponing the imposed fines On the banks. "According to the analysis of official data and statistics, the structure of the Iraqi banking sector consists of 7 government banks that hold 86% of all government and public deposits and 78% of all assets and private banks constitute 70 commercial and Islamic banks and invest 78% of the capital of the Iraqi banking sector and did not get Only on 13% of the total annual profits achieved at the total level and that the goals set for the banking sector in all government programs of previous governments are focused on achieving them is lending for development and considering banks as a lever for development and restoring confidence with the public and achieving financial inclusion in the sense of expansion and spread by providing banking products and services and practicing Real banking and digital transformation of the banking sector. The financial and banking advisor explained, "Through an analytical view of the reality of the Iraqi economy and the challenges facing the financial and monetary policies, in particular, stimulating and revitalizing the economy by bank financing and banking facilities, the above challenges stand in front of its implementation at the present time despite the great efforts made by the Central Bank since 2016 to implement its strategic goals for years ( 2016-2020) which achieved such goals task and key notably developments structural and structural and technical in banks and increase the proportion of comprehensive financial and investment in Ras capital human and walk pace actively towards stability In the monetary system and achieving stability in the exchange rate since 2018 and still remains, however, private banks are in urgent and urgent need of government support by studying their problems in the current circumstance in the emergency cell for financial reform formed in the cabinet for the purpose of saving some private banks from collapse. Al-Nassiri suggested the following:  First-that the nature of the activities of banks depends on the nature of the activities of the sectors of economic , and as long as the activity of economic is concentrated in the trade (imports) remains the activity of banks concentrated on the conversion external and associated so ..lma unless moving sectors other (industry, agriculture, tourism and others) do not expect the diversity of activity The banker. It is worth noting that without controlling imports, these sectors will not rise, which explains the lack of progress on serious loans through the Central Bank initiative to finance small and medium projects. Secondly , the legal environment must be provided and the rule of law should be established in order to eliminate the phenomenon of defaulting in the repayment of loans, as bad debts amounted to (5 trillion dinars) up to 30 June 2020, and they constitute a large percentage of the total credit granted and thus banks are reluctant to provide loans and facilities. Banking. Therefore, we see that the decisions of the Council of Ministers and the Economic Affairs Committee of the Council of Ministers that were previously issued to support the banking sector, especially private banks, are not activated. It led to obstructing the activities and activities of private banks and greatly affected their liquidity, revenues, and deposits for that. For the purpose of overcoming the banks crisis, in a way that ensures banks ’transition from the role of banking to the developmental role and revitalizing banking work in the current circumstance, it requires the government, in particular the esteemed cabinet and the emergency cell, to activate the decisions previously issued by The Council of Ministers and the Economic Affairs Committee, which are as documented with the following numbers and dates.  Third-activate all the decisions of the Committee   Affairs Economic special support banks , special and in particular Mayati: - 1 ‐ The Ministry of Finance changed its decision not to accept it to open bank accounts for ministries and state departments in private banks and restrict them to government banks according to its letter 207 dated 31/1/2019 2 ‐ Activate the decision to allow ministries and government departments to open documentary credits in private banks up to $ 50 million without going through the Ministry of Finance and the Iraqi Trade Bank. 3-activating Resolution Council of Ministers No. 110 of 2009 and the decision of the Committee on Economic Affairs on 2012 141/2/20 concerning the conversion of government documentary banking up to 30 credits million dollars to private banks through the Trade Bank of Iraq. 4-activating the decision of the Committee on Affairs of Economic No. 253 of the year 2015. Regarding the acceptance of sukuk certified by private banks to pay insurance, customs fees and taxes. Fourth-activating decision Council of Ministers No. 378 of the year 2018 and the special levy fees of government in the departments of State of through payment mail. Fifthly: Activating the Financial Services Court formed in accordance with the Central Bank Law 56 of 2004, and the Court may refer cases that require referral to the competent courts in accordance with the applicable penal law. VI consider claims of debt distressed owed by customers in the banks own lawsuits urgent debts excellent like government debt. VII . Add to Mai PEOPLE by Bank Central of efforts requires the government is also working to provide conditions and take measures to help banks own to obtain the classification of credit approved internationally and thus enhance relations banking international with correspondent banks. Eighth - The Ministry of Finance compensated for the damage in the cash and fixed assets lost by the branches of private banks, which amounted to (37) branches in the governorates occupied by ISIS in 2014 and is documented with the Central Bank of Iraq. IX-activating the decisions of the Council of Ministers No. 313 of 2016 and No. 218 of 2017 and private employees ' salaries and settling demand from government departments to settle their salaries according to their desire and directing them not to settle salaries in government banks exclusively.

Number of views 54   Date added 07/07/2020

[6ly410]

Al-Nusairi invites the Prime Minister to meet with private banks and address obstacles to their contribution to overcoming the economic crisis

 

Economic and banking advisor to the Iraqi Private Banking Association, Samir al-Nassiri

http://economy-news.net/content.php?id=20933

The Economy News - Baghdad The Economic and Banking Adviser to the Association of Iraqi Private Banks, Samir al-Nassiri, called on Sunday, the Prime Minister to meet with Iraqi private banks similar to his meeting with Iraqi businessmen for the purpose of discussing the obstacles of their work and their contribution to overcoming the economic crisis because without a solid and sound banking sector it is not possible to build a sound national economy. Al-Nusairi said in an interview with "Al-Iqtisad News", that "Prime Minister Mustafa Al-Kazemi and the emergency cell for financial reform do not hide the complicated economic conditions and repercussions of the spread of Corona virus, political disputes and conflicts by the political parties and blocs that led to great harm to the national economy and stalled the economic cycle and economic stagnation Added to this are the accumulations and repercussions in the absence of a clear economic approach to previous governments, foggyness, and confusion of vision for real economic reform.And since the banking sector is the main link in the economic process, the current conditions have contributed to stopping the banking activity, especially the private banking activity since the outbreak of the demonstrations in October 2019, and so far, which has had clear effects on the lack of liquidity, low deposits, credit, loans and banking facilities due to the stop of working hours. During the comprehensive roaming ban for more than 30 days and reducing the permanence and banking activity during the partial curfew, which led to a significant decrease in revenues, despite the many measures taken by the Central Bank in providing several facilities package to banks, including enhancing its liquidity by reducing the percentage of legal reserve, postponing loan installments, stopping and postponing imposed fines On the banks. "According to the analysis of official data and statistics, the structure of the Iraqi banking sector consists of 7 government banks that hold 86% of all government and public deposits and 78% of all assets and private banks constitute 70 commercial and Islamic banks and invest 78% of the capital of the Iraqi banking sector and did not happen Only on 13% of the total annual profits achieved at the total level and that the goals set for the banking sector in all government programs of previous governments are focused on achieving them is lending for development and considering banks as a lever for development and restoring confidence with the public and achieving financial inclusion in the sense of expansion and spread by providing banking products and services and practicing Real banking and digital transformation of the banking sector. The financial and banking advisor explained, "Through an analytical view of the reality of the Iraqi economy and the challenges facing the financial and monetary policies, in particular the stimulation and revitalization of the economy by bank financing and banking facilities, the above challenges stand in front of its implementation at the present time despite the great efforts made by the Central Bank since 2016 to implement its strategic objectives for years ( 2016-2020), which achieved such goals task and key notably developments structural and structural and technical in banks and increase the proportion of comprehensive financial and investment in Ras capital human and walk pace actively towards stability In the monetary system and achieving stability in the exchange rate since 2018 and still remains, however, private banks are in urgent and urgent need of government support by studying their problems in the current circumstance in the emergency cell for financial reform formed in the cabinet for the purpose of saving some private banks from collapse. Al-Nassiri suggested the following:  First: The nature of banking activities depends on the nature of the activities of the economic sectors . and as long as the activity of economic is concentrated in the trade (imports) remains the activity of banks concentrated on the conversion external and associated so ..lma unless moving sectors other (industry, agriculture, tourism and others) do not expect the diversity of activity The banker. It is worth noting that without controlling imports, these sectors will not rise, which explains the lack of progress on serious loans through the Central Bank initiative to finance small and medium projects. Second , the legal environment must be provided and the rule of law should be extended in order to eliminate the phenomenon of defaulting in the repayment of loans, as bad debts amounted to (5 trillion dinars) up to 30 June 2020, and they constitute a large percentage of the total credit granted, and thus banks are reluctant to provide loans and facilities. Banking. Therefore, we see that the decisions of the Council of Ministers and the Economic Affairs Committee of the Council of Ministers that were previously issued to support the banking sector, especially private banks, are not activated. It led to obstructing the activities and activities of private banks and greatly affected their liquidity, revenues, and deposits for that, and for the purpose of overcoming the banks crisis, in a way that ensures banks moving from the role of banking to the developmental role and revitalizing banking work in the current circumstance requires the government, in particular the esteemed cabinet and the emergency cell, to activate the decisions previously issued The Council of Ministers and the Economic Affairs Committee, which are as documented with the following numbers and dates.  Third-activate all the decisions of the Committee   Affairs Economic special support banks , special and in particular Mayati: - 1 ‐ The establishment of a ministry Finance changed its decision not to accept it to open bank accounts for ministries and state departments in private banks and restrict them to government banks according to its letter 207 dated 31/1/2019 2 ‐ Activate the decision to allow ministries and government departments to open documentary credits in private banks up to $ 50 million without going through the Ministry of Finance and the Iraqi Trade Bank. 3-activating Resolution Council of Ministers No. 110 of 2009 and the decision of the Committee on Economic Affairs on 2012 141/2/20 concerning the conversion of government documentary banking up to 30 credits million dollars to private banks through the Trade Bank of Iraq. 4-activating the decision of the Committee on Affairs of Economic No. 253 of the year 2015. Regarding the acceptance of sukuk certified by private banks to pay insurance, customs fees and taxes. Fourth-activating decision Council of Ministers No. 378 of the year 2018 and the special levy fees of government in the departments of State of through payment mail.   Fifthly: Activating the Financial Services Court formed in accordance with the Central Bank Law 56 of 2004, and the Court may refer cases that require referral to the competent courts in accordance with the applicable penal law. Sixthly- consider claims of debt distressed owed by customers in the banks own lawsuits urgent debts excellent like government debt. VII . Add to Mai PEOPLE by Bank Central of efforts it requires the government is also working to provide conditions and take measures to help banks own to obtain the classification of credit approved internationally and thus enhance relations banking international with correspondent banks. Eighth - The Ministry of Finance compensated for the damage in the cash and fixed assets lost by the branches of private banks, which amounted to (37) branches in the governorates occupied by ISIS in 2014 and is documented with the Central Bank of Iraq. IX-activating the decisions of the Council of Ministers No. 313 of 2016 and No. 218 of 2017 and private employees ' salaries and settling demand from government departments to settle their salaries according to their desire and directing them not to settle salaries in government banks exclusively.

Number of views 103   Date added 07/07/2020

Edited July 5, 2020 by 6ly410