View Full Version : Nasiri: a new five-year plan was to strengthen the role of development banks

Hue Mi
10-31-2013, 12:42 AM
Nasiri: a new five-year plan was to strengthen the role of development banks (http://www.alsabaah.iq/ArticleShow.aspx?ID=57443)

30/10/13 12: 00 am
Baghdad-Mostafa Hashemi

After the first Iraqi banking Conference concluded recently held to select one of the main objectives is to draw new features lightning strategy of the banking sector in Iraq for the next phase until 2017 to new mechanisms that will as a banker-the central objectives of monetary policy.

Expressing its support for the proposal of forming a higher Council for economic reform and the strengthening of the role of private banks in the development by facilitating the transition of the role of financial intermediation to the developmental role.

Features and strategic horizons

In this regard, the banking expert Samir Al-nasiri said that such a strategy is associated with applications and prospects of monetary policy by the Central Bank of Iraq applied through supervision and control over the banks.

Nasiri said in a statement to (morning) we observe through our follow-up to phases of application of monetary policy in Iraq after the Iraqi Central Bank Act 56 of 2004 and the Banking Act 94 of 2004, Central has succeeded well in the central goals of monetary policy to stabilize the monetary system and counter the inflationary wave after the significant improvement in the exchange rate of the Iraqi dinarIn addition to build foreign currency reserves.

Open domain investment

He noted that this led to the construction of solid pillars in maintaining economic stability and building open considerable scope for investment and the positive role of the interest rate reduction in the annual rate of inflation from 53.2 percent in 2006 to about 5.6 percent in 2012, as well as the phenomenon of dollarization and the speculation as he has succeeded in maintaining its independence, but was fired during the previous phase with the hardline policy of the Central Bank of Iraq with advanced cases of control Monetary policy.

The strengthening of the role of development banks

Central to the study called for proposals to develop and modify some existing monetary policy and contribute to the restructuring and reform of the banking sector and draw new features to the private banking sector to enhance their own work the banks of moving from the role of financial intermediation to the developmental role is a modified strategy for monetary policy currently approved and the proposed policies and wizards required for banking reform for the next five years (2013-2017).

Council of economic reform

Banking expert confirmed the need to adopt the procedures and mechanisms of the formation of the High Council for economic reform in Iraq that includes the Economic Commission of the Council of Ministers and the economic and Financial Committee in Parliament, Central Bank and selected consultants, economists and bankers in the building strategy to move the economy from its interlocking to market economy alongside the Iraqi banking sector's contribution to economic development and to identify policies and mechanisms for transition to reform the Government and banking sector and set a five-year period, ending in 2017 to complete Task and in stages in conjunction with the five-year development plan for the years (2013-2017).