The reception of the Prime Minister, the President of the Association of Private Banks and some banks, was an important and specialized discussion to address the challenges and obstacles of banking work and what is achieved from the efforts exerted by the government and the Central Bank in implementing what is stated in the government curriculum with regard to financial and banking reform steps,
and emphasizing that there is no alternative except for the existence of sober Iraqi banks that rely in their work on regularity and adherence to international financial and banking standards and to have a clear contribution to development in accordance with what is included in the investment map in the national development plan for the years 24-28 and to adopt building balanced relations with Arab and international financial and banking institutions.
The decision to form a higher committee to address the obstacles of banking and the bank’s contract with the competent international company will certainly be an essential step for the development of the banking and financial sector. In order for the decisions of the Prime Minister to be considered supportive of the banking sector, we must clarify that the banking sector has been suffering from failures, challenges and repercussions related to the loss of methodology,
lack of clarity of policies and programs and the inconsistency of strategies with the reality of the single-resource economy, which depends mainly on oil rt, and this led to a structural and structural imbalance in the economy and the lack of stability in the financial system and the monetary system.
Due to the deficit in non-oil revenues, the deficit in the balance of payments, the deficit in public budgets and the lack of coordination between fiscal and monetary policies, in addition to the poor management of public money. The lack of real support for the private sector in general and the private banking sector in particular and the lack of an active role in economic decision-making.
As much as I know about the economic, financial and banking matter and in the executive procedures of the means of monetary policy applications. During 2023 and 2024, the government and the central bank played a major role in developing and implementing effective measures for economic and banking reform, revitalizing the economic cycle, organizing foreign trade financing, activating transition programs from the monetary economy to the digital economy, structuring the government banking sector, developing plans to restructure the private banking sector, re-estensting the bridges of coordination between fiscal and monetary policies, and proposing economic and structural policies to prepare and present general budgets for the coming years, and attempts to restore confidence in the banking system.
While I support the reform policies and programs of the banking sector, I emphasize the need to involve representatives of the private banking sector in the economic and financial reform cell in the Council of Ministers and that banks represent in the Ministerial Council of Economy and the central committees specialized in banking activity operating in the Council of Ministers, because achieving sustainable development, financial sustainability, diversifying national income resources and stimulating the real sector for the economy needs banking financing, which begins with financing micro, small and medium-sized enterprises.
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Added 2024/09/21 – 11:54 AM
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