The demands of the Iraqi Central Bank determine the causes of the collapse of the currency


Called experts and bankers, the CBI study the reality of government and private banks up to the re-evaluation and classification, assigning the work of a specialist in financial analysis team to determine the administrative performance and credit efficiency standards, with the participation of Iraqi banks, advisers and experts Bankers Association.

Featuring the Iraqi banking sector are seven state banks Rafidain and Rasheed, and the Iraqi trade, industrial, agricultural and real estate, Islamic and rivers, and 35 private banks, including Islamic banks and specialized branches of Arab and foreign banks.

He stressed banking expert of Iraq, Samir Nasiri, according to the newspaper "Life", the importance of applying the Board of the Central Bank decision on controls the nomination of board members and staff leaders in the banks, and confirm the separation between the owners and executive departments, and not allow them to interfere in the executive work.

He explained that the economic crisis pant features since mid-2014 and continued repercussions so far behind them well-known economists and the public reasons. And identified by financial mismanagement in state institutions, and dispose of non-studied oil resources achieved in previous years, as well as a decline in oil prices by 65 percent from what it was, it all added to the cost of the war on terrorism and requirements.

The Alnasiri the existence of steps to address the wrong policies in the economy, is the importance of developing a methodology or a clear strategy for the economy, and not to rely entirely on oil resources, and the development of plans and programs targeted to diversify its resources, and to encourage other sectors such as agriculture, industry and tourism.

He stressed the need to implement the strategies prepared by committees advisers in the Council of Ministers in cooperation with the United Nations, international organizations, and the remaining 16 have not been implemented yet, and did not support the days of financial abundance, from oil revenues ». He focused on the «trend towards infrastructure sponsoring and supporting the economy and institution-building, and to adopt proper mechanisms in the implementation of monetary policy and the creation of an alternative to the auction of the currency because it faced criticism.

And cash trading market, pointed out that the problems suffered by the instability of the dinar exchange rate, and the flight of the proportion of foreign currency abroad to the goals of non-economic and download the central bank responsibility that must be common to government institutions, as well as speculators and currency traders, formed factors led to the decline in the proportion of saving money supply in banks to 23 percent, compared with compactness amounting to 77 percent outside the banking sector.

He said that it indicates a lack of confidence among customers and a number of banks due to low liquidity in some of them to a minimum, bringing the banks to not being able to fulfill its obligations to customers at their request to refund their deposits.

The businessmen and money attributed the poor management of the banking sector to the money men control and exploitation of banks for funds deposited managers. They held the central government responsible for the deteriorating economic situation of lack of planning and organization.

The head of the Iraqi Businessmen Union is willing Blibl, that the poor management in the banking sector because the money men under control, which is contributed to the exploitation of the funds deposited by some banks and their managers for private investment in the form of violation of the law.

And saw the Iraqi Businessmen Union member Abdul Hassan Ziadi, that this problem borne by the central government for the delay in payments to people, in addition to the lack of organization of the economic process that led to the collapse of the process.

She drew international project center in Iraq Actress Mona earthquake, in a statement, that the banking service is not true for these banks was one of the causes of the problem, as are given to friends and acquaintances managers without study.

The Central Bank of the Iraqi government has given banks until last September, to adapt systems and electronic transactions.

He stated that the beneficiaries and users of these trading ratio not exceeding 10 percent. He suggested the possibility of expanding the contribution of orientations in the use and benefit from 77 percent of the money supply in the possession of citizens outside the banks, get rid of the cash circulation problems.