BAGHDAD / Suha Shaykhli
constitute one of the important pillars of the private banking sector in economic activity in all important countries varied activities, as is the main engines in a country like Iraq, especially in the critical period is going through, but the multiple reflections trends of financial distress influenced in the performance of banks and the economy both , despite the availability of human resources and advanced technology.
the attention of the banking expert , Abdul Rahman al – Sheikhli Speaking »Sabah» that the decline in global oil prices and financial pressures because of the war on «Daesh», along with the pressures of the international Monetary Fund and the World Bank and the commitments that dates back to the before 2003 have exacerbated the severity of financial distress.
he Shaykhli to that if these conditions persist , will lead to negative consequences such as the circulation of funds deficit in the banks would be reflected negatively on the funding and other economic activities, particularly in the areas of export domestic production and import, stressing that the indiscriminate import leads a waste of money in hard currency would be good to spend at home and replace them with local products.
and indicates Shaykhli that rentier economy requires speed up finding alternatives to diversify its budgetary resources which are reasonably increase tax rates so as not to put pressure on low – income people, as well as Note tariff customs because a lot of goods are exempt from fees and stop wastage and minimize financial and administrative corruption to develop the economy.
the difficulty of the task in front of the banking sector alone in drawing a road map to avoid the financial crisis , there is no common constants unified economic vision with the government, adding that the economy is still without identity Oomlameh, in addition to the financial and administrative corruption after the proceeds from the sale of oil cash blocs during 13 years there was no fixed budgets for the entry and exit of the money obtained was employed for the development of the productive sector , both public and private.
and between Shaykhli the role of modern technology in fact banking service and private in the areas of transportation and communications has contributed to the diversification of great services to customers , including automated banking deal in addition to the competencies and human resources has been active since 1993 as Iraq began working since then on the window of a free economy by opening banks
He continued since that time and even now expanded the scope of work in the private banks and the need arose to post significant human cadres , mostly retired personnel who have experience and competence, but they lack the correct vision of the free economy , which the world is witnessing at the moment,
noting the difficulty that develop these themselves to be part of a free economy, and these staff can be advisers and not the executives, some of whom do not understand anything in dealing with the most advanced technology, even though he has good ideas in the banking and financial matters.
He stressed the need to be experienced now for young people and to take their role in the banking business, but he also, but the majority of banks are looking for practical experience rather than academic experience has We tried pushing young people in practical courses but fared a minor still, however,
some of whom responded to gain experience and some of them are now filled sections administration with the knowledge that their experience does not exceed five years , but the number is small does not fit the actual need for it we are forced sometimes to hiring staff veterans and retirees of them stressing the need to develop human skills match the actual requirements.
the number of private banks suffering from a fiscal deficit forcing citizens to hoard his money in his house , so it is necessary to restore confidence in the financial institution that contributes to the employment of money in projects prompted the central bank ‘s introduction of the company to ensure deposits capital of 100 billion Iraqi dinars, where some experts believe that a small amount where there are some traders owed in the
same covenant larger amounts.
He Shaykhli that hoarding money at home has become a problem, as there are 80 percent of the cash found in government banks and what remains a twenty percent of current cash outside the official government institution, and that 15 percent of the cash deposited and chunky outside the banking institution they are at the merchants, contractors and big capitalists in Iraq and what is left is five percent , which is suffering from problems have hoarded because of the loss of confidence.
he concluded Shaykhli his speech saying: The central bank is the President responsible for ensuring these deposits Bank In all banks in the world when aggregated approval of the legitimacy of their work, first job to do is the central bank approval is assumed under this agreement ensures that deposits the customer in the Middle East and North Africa , the Central Bank which ensures these deposits is , as the central bank ‘s use of a good governance policy in the