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Hue Mi
03-06-2014, 07:45 AM
Banking reform needs effective laws do not duplicate recommendations (http://www.alsabaah.iq/ArticleShow.aspx?ID=66055)

06/03/2014 12: 00 am
Baghdad Yasser Metwally

Invitations and many wish we heard more from the Conference and Symposium and permit information and press over the 10 years the urgency about banking reform, but without avail, the committees and the recommendations and proposals and are still waiting for.

In the midst of the chaos of the old legislation overlap with the modern's recent sweep of the old ones, the banking sector remained stalled in its place without any development. all recognized that the sustainability Department or without an efficient independent banks and financial solvency and has rational management to meet the demands of the world, which requires investment firms to secure funds according to theory (funky capital) and looking for a safe home environment solid banks, so they always look for Government guarantees in all its activities.

It always say that the role of the State-based and cannot be dispensed with provided that the guardian and supervisory and supportive in all cases leaving economic activities and funding, however, the banking sector to play its role, as investors and business owners need a local partner you averse while finding the complexities and restrictions of the freedom of banks result inevitable delays in construction and development we remain caught in a vicious cycle between the seminar here and there.

The news released by the Finance Committee in the Chamber of Deputies called for the formation of the supreme body for banking reform in consultation with government agencies and consultants to prepare a detailed report contained 24 recommendations in this regard.

Read carefully and examine these recommendations and their implications we found an ideal solution for banking reform, but all these recommendations have consumed so much without any goal and recall, for example, a global system where spent a lot of money and efforts and international support for its implementation but without avail, will we succeed in subsequent attempts? May be either investment funds we heard about them a lot.

2013 has witnessed a five-day symposium, the longest in the history of the discussion forums hosted by the Central Bank has exhausted its view all the challenges and obstacles by reviewing three laws govern monetary policy in the country and laws (banks, Central Bank and finally the money laundering Act) and diagnosed the discussions highlighted the Symposium recommendations emerged important but insufficient in our view because it talks about the changes in time require the need for new laws to respond to the requirements phase to go towards establishing a strong Bank Fortified and is capable to provide reliable climates in receiving large investments and funds needed for Iraq to draft the required development and ensure the needs of banks and investment companies.

The banking reform cannot be achieved by Commission or requires a quick pass laws articles displayed in each of the recommendations and its Decree on a map clearly did not need agreement on the formulation of effective laws and binding for all.

And if the Forum and its recommendations that don't differ a bit from its predecessors, it is the last chance for banking reform provided that adoption of new laws, as mentioned above, if you take the road to implementation sondok another nail in the coffin of the many reforms not benefiting something and read on the banking sector, though we hope to be 2014 due to banking reform wehwahad highlights of economic reform and to facilitate the investigation.