Specialists Suggest Restructuring Some Banks Similar To Government Ones, 20 DEC

 Specialists Suggest Restructuring Some Banks Similar To Government Ones

 
Economical 12/19/2024  Al-Sabah: Hussein Falih  Experts and specialists in financial and banking affairs stressed the need to redouble efforts aimed at restoring customers’ confidence in banks, stressing that  
this step would absorb the accumulated cash mass and increase the volume of deposits,
 
calling at the same time for the restructuring of some private banks similar to government ones.
 
Financial advisor Abdul Rahman Al-Sheikhli told Al-Sabah: 
The Iraqi banking system was suffering from many problems, especially before 2003 as a result of the lack of private banks,
 
but after 2003 work expanded to establish many banks, but
 
most of them did not keep pace with international systems and standards, so it was You suffer from a lot of problems. Al-Sheikhly added that
 
restructuring
 
during the last year and a half, specifically after the imposition of US Federal sanctions on some banks, all of them began seeking to restore their status in a manner consistent with international standards, stressing the
 
necessity of restructuring some banks in order to be supported by  international standards. The financial advisor pointed out the
 
Hoarding money
 
necessity of restoring trust between the banking institution and the customer, as
 
it was lost a long time ago,
 
which prompted citizens to hoard their money outside banking channels for the purpose of preserving its timely disposal, because
 
some private banks due to
 
     circumstances beyond their control,
     mismanagement, and
     other matters.

It kept the citizen away from the banks. The spokesman pointed out

Electronic systems
 
the necessity of 
     moving completely towards automation and the
     use of modern electronic devices in a manner commensurate with the large size and responsibility undertaken by banking institutions, stressing that
 
in the recent period these banks have begun to change their work towards electronic systems according to the government’s directions. Al-Sheikhli explained that the
 
Sound system
 
Prime Minister recently focused on a very important aspect, which is 
     restructuring government banks, first, and
     then private banks, where  
government banks began, especially in the Rafidain Bank, and the 
completion rate for this project reached the range of 74 to 75 percent, and
what remains is only less than 25 percent and perhaps It will be completed soon, so 
we will have a wonderful model of a very sound banking system that we can adopt and emulate in other banking institutions.
 
Serious steps 
For his part, the expert in financial and banking affairs, Mustafa Akram, said in an interview with “Al-Sabah”:  The government has begun serious steps to rehabilitate and develop the Iraqi banking system, as  most banks, especially private ones, suffer from backwardness as a result of monetary policies, indicating that the   government has focused on
 
     automating the work of banks and introducing a
     system Electronic payment in order to develop the Iraqi banking system.
 
Digital transformation
 
It is noteworthy that the Association of Private Banks recently announced an increase in deposits in the banking sector during the last two years, while  indicating the government’s great interest in the recent period regarding digital transformation in general and the shift towards an electronic payment system, and that “during the last two years deposits in the banking sector increased,
 
Nearly 75 percent of the monetary mass is outside the banking system and requires a great effort to motivate citizens, companies, and institutions to use the banking system more, which is what is currently happening, but  this type of work needs to be accelerated to control financial operations in Iraq.    https://alsabaah.iq/107455-.html