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12-29-2013, 10:58 AM
Private banks need genuine credit rating (http://www.alsabaah.iq/ArticleShow.aspx?ID=60878)

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29/12/13 12: 12 am

Demonstrated ability to keep abreast of global developments

Baghdad-Hussein thghb Al-Tamimi

Global banking developments represent important steps towards the economic development of the country, to link the work of the banking sector in all stages of construction, reconstruction and embodied in the use of modern banking technologies and follow international standards of performance in accordance with strategic plans developed or method of investment portfolios in specialized sectors, one of the main developments in the banking sector.

International standards

The competent banking Affairs Mohannad Qassem said that the credit rating is one of the important topics which took time from the Central Bank and private banks, and this is very complicated and needs all the effort, pointing to a classification of private banks in the light of international standards.

And that is a practical and realistic rather than categorization categorization theory, stating that the category already exists for banks and adopt global standards, but not all, of our actual work started banking sector recently and after 2003 although his roots are old.

Global banking rules

He said in an interview for "morning" that global banking rules on banks than old (150) years in our banks is not enough to achieve positive results in all cases, unless the label is in order, but the accepted class classification to this most important axes of debate the private banking sector in Iraq.

He noted the importance of global methods are applicable to Iraq for the purpose of credit rating reflects the reality of private banks in the country.

Tool development

And on the mechanisms of monetary policy said that the development plan and budgets lead to giant leaps in development in the country, but you need to plan a comprehensive economic and financial policy and pricing tool for achieving the goals. Pointing out that the banking sector has the potential to be an all-round development in Iraq. It can be a tool for the implementation of monetary policy and price approved by the Central Bank.

Dollar volatility

And the constraints that limit the development of the private banking sector left Qasim that Central Bank policy, instructions and regulations developed in a certain period to regulate banking business but may not fitting for all times, and the most important steps to charge the private banking sector by manipulating exchange rates, this is not accurate because the pricing policy and mechanisms established by the Central Bank and tools applied by private banks that get hard currency (USD) and distributed between the markets of the Central Bank, which requires review of all Instructions issued by the Central and stand at each point and diagnose bugs resulting in volatility in the dollar.

Banking technologies and competencies

He noted that the private banking sector has the competence and advanced banking technologies to compete with international banks are willing to work in Iraq, noting that Iraq has become a magnet for foreign banks and a number of foreign advisers working with local private banks to be stunned by the size and technical vulnerabilities.

The banking sector suffered a number of constraints in particular can isolate the Bank from the performance of the regional situation as well as on the security situation, there are also constraints inherited in articles 28, 29 of the Banking Act, where private banks to conduct their work and get the benefit of Group services and activities offered, but the material withheld many of these activities, although commercial banks to design the banking business here are the capacities to serve the community.

Branches of foreign banks

And the importance of opening foreign bank branches in Iraq provided that this process is carried out in accordance with the regulation in particular reciprocity so easily open branches of foreign banks in Iraq are offset by the difficulty in developing branches of almsarvna in those States, the benefits of opening branches of the banks leading the banks to promote their services and products and rehabilitation staff and the development of sophisticated business systems and openness to the banking world.

Banks family

The family noted that banks all banks established as joint stock companies and stock law, did not specify the quantity of granted to certain family members and people pointing out that the recent instructions of the Central Bank was not allowing two brothers on board while the law did not provide for such limitation.

He concluded by saying that the conservative radiologic activated important means of achieving large profits for private banks if used properly and by specialists serving all economic sectors, noting the importance of providing the mortal cadre specialist and Secretary of the conservative alasshtmarih.