Senior banker calls for the activation of the reality of the work of private banks

[carlablum]

Senior banker calls for the activation of the reality of the work of private banks

27/07/2011

Continue with the central bank reforms

BAGHDAD - Hussein al-Tamimi Tgb

Continue to put forward ideas and proposals for promoting the private sector, and its role during the phase of economic transformation taking place in Iraq, to ​​become oriented economic action as a whole, as happens in democratic countries, especially in the private banking sector, which began to demand a bigger role in the economic field.

Banking expert sword Hilfi stressed that private banks are able to promote economic reality in all sectors, if there was appropriate working environment, pointing to the ability of these banks to fund projects that advance the services provided to citizens, as well as rotate the wheel of production in the private and public enterprises, of through funding provided to these projects, especially projects that belong to the public sector and implemented by the private sector, although there are legal limitations.

He said in an interview (morning) that the private banks can finance large projects the country desperately in need, including housing projects, as well as giant electric power projects, as happens in countries of the world, indicating that these banks provide 10-15 of service to the citizens.

Hilfi called on to provide legislation that suit of private banking, as well as suspension of a law of private banks, and modify most of its paragraphs in particular article 28, which determines its next to universal banking, and prevent these banks that the interference in the financing of major projects extractive urban and commercial, but allows investment banking and credit facilities, and this limits its ambition to serve the largest economic projects by entering into an investment partner projects.

He noted that the country is entering a phase of investment and large, require advancement in fact banking on a global basis, and this needs to government effort to achieve interaction between the two sides for the advancement of banking operations, stating that the policy of the central bank moving towards the activation of the reality of the work of private and public banks in preparation for the stage of economic and wide. He said among the obstacles that affect the operation of banks not to allow deposits of government departments in private banks, even though the assets of the efficiency and scientific expertise in the field of banking, noting that the coming stage will witness the adoption of electronic payment systems, both instruments were coded, or pay by Alvezkart and other systems.

Integration and banking, said: This is the subject accept the successful step by the Central Bank is working to raise their capital to (250) billion for the existence of banks can not reach this figure, fall to the adoption of banking integration step.

On the subject of lifting the zeros between Hilfi that the next phase did not need this step difficult, because the country began to receive international capital, and these need to monetary stability within the country, especially as the investment morphological became entering the country by the Iraqi market for securities, and this leads us to think about mechanisms provide the right environment to attract capital to Iraq.

Hilfi concluded by saying: that the next phase of the local economy in dire need of economic policies to the Council, regulates the reality of the economic sectors on the next phase of work and wide, and draws a discreet steps of economic action.

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[nemesis760]

On the subject of lifting the zeros between Hilfi that the next phase did not need this step

Read more:

Do i just have blinders on or did this just say that they do not need to lift the 3 0s? I am at work, and a bit stressed out, so maybe I am just hallucinating good things (no, i do not grow magical fungus for a living)

[cisole]

thanks for the post carlablum

[GeologyGirl]

760 I think I am taking the same drugs you are.

[coyotestones]

Terrific news! Thanks carlablum

[easyrider]

wow, this is one hell of a rollercoaster: if this is true well ladies and gentleman we will be very wealthy.

On the subject of lifting the zeros between Hilfi that the next phase did not need this step difficult, because the country began to receive international capital, and these need to monetary stability within the country, especially as the investment morphological became entering the country by the Iraqi market for securities, and this leads us to think about mechanisms provide the right environment to attract capital to Iraq.

Edited July 27, 2011 by easyrider

[FrankenSLI]

Let us pray this is true.......

[Nothing-Ventured]

Regarding the reference to "Article 28", above, and the need to "modify most of it's paragraphs" this is what it refers to:

Section 6--MONETARY FUNCTIONS

Article 28 Open market operations and standing facilities

The CBI may, for the achievement of it’s objectives, (I) preform open market operations with commercial banks that are licenced or hold permits issued by the CBI under the Banking Law or, at the discretion of the CBI and subject to regulations set forth by the CBI, other appropriately licenced financial intermediaries; and (ii) provide standing facilities to commercial banks that are licenced or hold permits issued by the CBI under banking Law are subject to regulations set forth by the CBI by:

a. Purchasing or selling outright (spot and forward), or under repurchase agreements or other similar financial instruments, debt securities issued by the CBI or by the Government, bearing market yields provided that purchases of debt securities issued by the Government through open market operations shall only be made in the secondary market.

b. Purchasing or selling outright (spot and forward) foreign exchange;

c. Discounting bills of exchange or promissory notes;

d. Making loans fully secured by pledges of collateral; and

e. Accepting interest-bearing deposits from banks.

Edited July 27, 2011 by Nothing-Ventured

[DinarDana]

Great article, I think this deserves the

!

[therentman]

Thanks for the post.

GO RV!!!