New standards to deal with the banks, the central bank achieve transparency and disclosure

New standards to deal with the banks, the central bank achieve transparency and disclosure



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Last updated 01/19/2017 - 00:31

Economy News / Baghdad ...

Said banking consultant Smiralnasiri, Wednesday, that the declaration of the governor of the Iraqi Central Bank on the Keywords in a meeting with Banking leaders to adopt the Central Bank in 2017 visions for new applications monetary policy for the purpose of achieving the goals set out in the law 56 of 2004 and the most important of these Objectives To preserve the Iraqi dinar exchange rate and covered value to the US dollar through the construction of foreign cash reserves in accordance with international standards in the calculation of the cash reserve to cover the dinar and coverage of imports entering Iraq and the main goal is to maintain the other of foreign currency to use for other purposes the economic and development.

He Alnasiri that the central bank's work over the past two years, moves well thought concatenated to and coordinated with concerned government departments while maintaining its independence contained in the law where procedural policy and Altnzbmah, structural and issued a strategy for the years 2014-2020 and select targets to achieve financial stability and development of the banking work technically and structurally and organizationally in order to reach financial inclusion, where he was in 2016 in the preparation and the development of financial fundamentals and technique appropriate to the reality of the Iraqi economy and the mechanics of the banking business, which form this solid base-wide home and abroad, which led to the transfer of the case of the Iraqi economy Bhlqath basic notably the financial sector of the follow-up phase to the stage gray stadiums to the wHO report Financial action Task Force.

He added that all of this has led the central bank to begin a new phase in 2017 is based on the following basic pillars: -

1. work and dealing with banks lifted by new mechanisms pressures FAQ previous fanatical awarded elasticities and the numerous allowances and facilities in order to achieve the central objective of economic reform and banking-based transparency and disclosure.

2. Dealing with banks based on Matkdmh of banking products and services new and high-level and restore public confidence in the banking sector, in addition to the financial results and the extent of its commitment to implementing directives monetary policy of the Central Bank and its impact on their contribution to the actual GDP and its contribution to sustainable development and the transition from the role of banking to developmental role.

3 - Dealing with banks and classified according to the standards adopted by the central bank in effect from 2017 and actually appeared to deal with the banks accordingly.

4. The central bank issued on 15 / January / 2017 new mechanisms to regulate the mediation of banks between the importers and the World Bank relies facilitate procedures and controls and adopt transparency and disclosure of the ultimate beneficiary in order to achieve the goal of the bank to maintain the exchange rate and ensure the use of foreign currency emerging in order to meet the needs of the economy and the market and development and not directed to other purposes and reduce criticism, accusations and rumors that guide every day from the media is professional and non-professionals people intentionally or unintentionally. He concluded Alnasiri his speech that the central bank introduced policies and visions and new mechanisms executive smooth but controlling and monitoring on a daily basis and accurate inside Iraq and outside in order to achieve economic goals above, which requires banks and in cooperation and coordination between the central bank and the Association of Iraqi private banks and national economic media that is performed Central Bank plan in 2017 to serve the national economy and our sector banking.

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