[millionday] Met with Iraq’s participation the first after a hiatus of more than two decades in the Arab Banking Summit, which was held in Vienna recently welcomed internationally wide, and it was the arguments of Iraq’s great resonance among the participants in the summit, where he was raising the issue of good governance in light of economic and financial developments rapidly taking place the world.
Secretary General of the Union of Arab Banks and Sam Hassan Fattouh said in his speech at the conference: that Iraq’s contribution to the summit has achieved the goals and aspirations that we all aspire to elevate the Arab banking sector.
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millionday] He added that the summit focused on the role of the Arab banking sector in building civil capacity and meet the challenges phase of post-conflict, also stood top at a detailed prospects for partnership between the public and private sectors to restore balance to the economy in the post-conflict and that explained the importance of building institutions capable of crisis management and move to Economic growth phase effective. In an interview the morning with economic d.
Sadiq Rashid Al Shammari after returning from the summit within the Iraqi delegation to the summit said: that of the summit witnessed the first Iraqi bank search for more than 20 years and received the attention of all the participants who discussed the mechanics of governance of banks in restoring balance to the Arab economies.
[millionday] He Shammari said: that the research has focused on the importance of the work of banks and financial institutions in order to restore the economic balance of economic sectors, and that governance is more necessary than to be an obligation imposed by regulators as a fantasy strategic her.,
And pointed out that governance without activating the principles and standards do not mean anything It thus becomes effort well spent where it should comply with standards of international banking, including capital adequacy standards and financial disclosure and transparency, the financial statements of banks and a strategic plan for the development of the technology used in the banking system,
according to the capabilities available and linking banks and the restructuring of the banking sector and improve mechanisms for internal and external oversight and methods of accounting in order to contribute to the development control methods and the promotion of transparency and disclosure.
millionday] note — in other words — all the paper plans in the world mean nothing without the activation of finance and economics – he means stop with the planning and lets go already and make it count
[CaliDreamers] oh yea~~~~~~~~~~~~~~~~
[millionday] He said the infrastructure development of the banking sector based on special programs for the training and development of senior leadership where in relation to Palmmazjh and linking the concept of governance and mechanisms through the establishment of training courses and development vehicle to raise awareness of accountants to the basic concepts of governance, managers and members of the Board of Directors in the capacity building of civil able to meet the challenges of post-conflict .
Here we must emphasize the importance of orientation strategic to the members of the Board of Directors and executive departments they have the right to formulate and success of the strategy the bank and its activation by moving away from the formal system aggravated bureaucracy at work and give the flexibility appropriate according to the method of work and thus contributing to the development of work and outstanding performance and meet the challenges in the environment external and internal.
millionday] in other words we need to move to action and answers ect and the application of the strategic plans and training and see it is action
[millionday] it also is very important for follow up for the training done so the accountants and other economic members have the correct answers according to the new system
[millionday] He stressed Shammari the importance of the use of quantitative methods and programs to learn how to use sources of banks and where lies the weaknesses and strengths to facilitate the investment of resources as required and through the use of technology and focus on training to develop the skills of workers in banks, so as to enhance civilian capacity in building the economies of advanced, as well as work on investing in profitable projects and short-range and long guarantees for banks liquidity necessary for the functioning actively work through the cash flow for these projects.
And that because of the rapid developments in the field of the banks it should study and continuous follow-up of international organizations and local and regional Basel Committee commitment Bmaaber and governance mechanisms issued by banks such organizations as an important step in regulating the banks and financial institutions.
[millionday] obviously he is referring to making sure they remain compliant with all international banking regulations since they have activated their banking reform and will also be activating much more of the services as this unfolds
[millionday] He Shammari need to growing interest in some financial indicators in order to not lose the confidence of the customer some private banks and try to go about existing resources have including investment cash is located has projects in low-risk and high short-term in order to be a role high revenue from these projects in order to fulfill its obligations to depositors .
[millionday] this next part is about the future of their advancements in banking and economy
[millionday] title >>>>>>>>>>>>>>>. The future of the international economy
[millionday] He stressed the importance of encouraging banks to offer new products and foreign currency using currency deposits mentioned available to them through the development of a future plan to achieve the merger between private sector banks to set up banking units large size can build advanced capabilities of the banking business domestically and internationally,
through the adoption of a plan intensive to develop the performance of employees and members of the Board of Directors of the Bank through courses organized by the training centers depending on local expertise and the use of lecturers from abroad to keep abreast with what is happening in the world of economic developments and the serious financial and fast has profoundly affected the economies of many as I explained it casts a deep concern for the future the international economy in general,
and particularly the Arab economy after the global economy turned into a small village rival parties due to technical developments and informatics.
[millionday] note — obviously they are very concerned with joining the international community in the economic condition it is in and are referring to making sure that their economy expands and is not ruined or negatively effected by the condition
[millionday] last part of speech >>>>>>>>>>>>
[millionday] He concluded Shammari his speech by saying Based on the foregoing, the developments and changes and reflections on globalization effects and wide on the banking sector in the countries of the world, including the Arab countries,
especially regarding trends growing towards deregulation and the removal of obstacles legislative and regulatory prevent the expansion of these institutions in various activities especially in the global framework of the Convention on Trade in Services, which imposed a number of obligations on States in this regard.
millionday] so what this boils down to is that they are ready for its combination in the banking world and are learning and training to remain in the great condition they are in with all of their fresh training and also their huge training workshops buildings and international help —
millionday] they are expected to be a huge gain for the arab world economically and also are expected to make huge gains in the world entirely economically —
[millionday] iraq is referred to in many circles as the save all — so we shall see — obviously they missed the economic plunge so they have a chance of being just that and trust me many leaders are hoping for just that and have given much of their time — not so much for the new friend but the new opportunity
[millionday] smile brb with more
[faith1] come on…”and the promotion of transparency and disclosure.” Disclosure,, come on out with it !! Whoo Hoo !!
[millionday] smile — we know this is coming and very soon as we saw by the figures that we read last night concerning the cost of the activation and also the point of no return they are now in for their customs ect due to the incoming [millionday] and outgoing as far as that goes
[millionday] Specialist called for the need to update teaching methods and tactics and the introduction of a new department or section in each institution called the building department mission to keep employees abreast on the latest management techniques in the world.
He said legal expert Adil al-Lami “morning” should also activate the e-government project as well as project heal between universities, research centers and between institutions of the state, each according to its competence, pointing out that the legislative reform, especially the laws and economic legislation because it is the basis for progress and well-being of the Iraqi society.
[millionday] He stressed the need to examine ways in how to build Iraq on the basis of correct and which emphasize bring life to the private sector through a series of legislation that must be applied in practice on the ground as well as the need to implement the tariff law for the protection of national production and the need to follow the economic model and clearly would bring Iraqi economy Ahadath of rentier consumer stereotypes and private sector development.
[millionday] the legislation needs to be activated not formed or dreamed up or written ect — it needs to be activated and moved forward in schools — training and its form of reason brb with more
[millionday] this is a huge step for iraq and is expected right now so this is great — also saleh speaking is not bad either — where has he been
[millionday] The presence of a credit rating of any country in the world better than the non-existence because it gives the degree adopted by the countries of the world to assess the country’s economy for the purpose of investment and economic activities and other business.
And saw the financial and banking expert d. The appearance of Mohammed Saleh, it is possible a credit rating of the country through bonds sold in global markets because the presence of credit rating, though low, is better than no rating mainly because there is no rating confirms that the country is a threat to all countries in the world.
And is rated the world’s credit ladder classification consists of 4 grades are A, B, C and D as well as variables that represent signal + or – and Petkrarat different. Saleh said in a statement to the (morning) that he must begin Iraq is now negotiating for the purpose Ranked credit.
[millionday] note — of course with it being stalled for so long we would expect low so no worries
[millionday] And launched the first round of the Conference of Finance and Commerce in June of last year, the presence of the representative of the U.S. Department of Commerce Cameron F. Kerry, in addition to economic circles in Iraq,
it was agreed during which Iraq to encourage investors to come to Iraq and classification of credit to be able to give credit for foreign investors, as well as importance of Iraq that goes on in this category in order to give guarantees in investment opportunities and confidence to recover their capital.
IThe Fitch or Fitch classifies countries credit is an international institution recognized worldwide and is a subsidiary wholly owned by Hearst, which has in April 2012 to increase its stake in Fitch Group to 50 percent, which is one of three companies rated a major addition to Standard & Poor’s and Moody’s, the company has been founded by John Knowles Fitch in late 1913 in New York City as the Fitch Publishing, merged with IBCA Co., Ltd. is based in London in December 1997.