[millionday] The banking sector is heading towards the diagnosis of the most important challenges that confuse the reality of development banking in the country,
stressing the importance of money banking cooperation experts between the public and private sectors to reach the ideal working environment for all economic sectors.
President of the Association of private banks in Iraq, Adnan Chalabi pointed out in an interview for (morning) to launch new banking strategy during the first Iraqi banking Conference,
stating that the strategy is launched during the Conference to be discussed thoroughly by banks from the public and private sectors to come up with an agreement or near agreement.
Read More Link On Right
[millionday] note -- so the launch during the banking conference and the announcement of it -- i like
[millionday] The press conference organized by the Association in preparation for the Conference, which is held at the end of the month that the strategy governing the banking industry now and in the future, and develop a phased development prospects to promote banking services gradually,
pointing out that the Conference was an opportunity to put forward views and suggestions in the development of the banking sector, in particular the Conference includes display (12) in search of six research on Oct. 28-29 of this month, in addition to extensive discussions about the problems that limit the development process.
[millionday] so this six research seems to be an extension of the private banking regulations and the continue of this
[millionday] Chalabi said that all efforts to come up with recommendations to effectively contribute to the value in the development of the banking sector, which is the most important element in the process of economic recovery, cannot develop the economy away from the banking sector up to international banking technologies, capable of providing advanced services to beneficiaries.
[millionday] international banking
[millionday] As General Manager of Bank Islamic Abdul Hussein Al-mundhiri rivers has pointed to the importance of the first Iraqi banking Conference, pointing out that Iraq from Chapter VII to make Iraqi bank market destination new destination leading global banks known as confidence in the global economy such as the neighborhood.
My Standard Chartered morken and Bank of America Bank of romanization. He said the Government and private banks partnerships and sign memorandums of understanding with the banks to get the accumulated experience in dealing with the financial and economic crises and how to operate their capital and deposits from the public in corporate finance, small, medium and large.
These companies will be working in our banks the opportunity to gain experience and confidence in entering new investment patterns on the banking market.
[wmawhite] millionday millionday ......wonder too if this will be the liberalization of exchanging of currencies as the IMF wants?
[millionday] Note -- Bank of America
[millionday] lets see what all this says and then i will summarize at the end of the report -- its large
[Domino] millionday Thanks, I was going to ask but w/now wait for a more detailed explanation of what is being launched.
[millionday] note -- this is refering to the committees and also the 'go to' bank or bank of development smile trusts
[millionday] He continued: after the success of private banks to increase their capital overflowed with enormous cash block liquidity exceeded five trillion dinar is currently looking for investment opportunities for funding.
As well as the trillions given as commercial loans and real estate and industrial productivity and others.
This increase in capital has confidence again by private banks after shocks suffered by its reputation as a result of abuse of some banks to conduct banking business proper, having suffered penalties and deterrents from the Central Bank, public funds are deposited returned again in private banks.
[millionday] note -- so this is saying the banks that have been penalized have now regained their abilities as well -- this is about strategies >>>>>
[millionday] The Executive Director of the Association of private banks in Iraq Abdul Aziz Hassoun: the strategic banking will go on working to develop the work of banks in General, in addition to consolidating the prospects for cooperation between banking and financial market.
these efforts are prerequisites to discuss challenges affecting negatively the development banks, private banks in the country had come a long way in adopting modern technologies could not state banks can access it, especially living in a restructuring phase.
Stressing that the evolution of private banks have not lived up to the level of ambition, though built good relationships with banks worldwide with advanced classification list rankings.
[millionday] note -- they are in restructuring phase and this is the on going work that will continue -- know that they have stake holders to report to and they have to what is best for the share holders and the economic itself
[millionday] the banking act
[millionday] He highlighted papers that will be presented during the Conference that dealing with the amendment of the Banking Act, allowing private banks to build investment that will positively affect the reality of the Iraqi economy in terms of production and services.
[millionday] note -- it looks as if we can expect to see huge announcements in the conference
[millionday] Finch returned to confirm that international involvement will be the quality and quantity and its presence will have a positive impact, it can convey a clear picture of the future of the Iraqi banking sector, pointing to the space of the Conference of the World Bank, which will have up his sleeve across the research prepared for the poses in this Conference, where everyone is aware of its importance in the economic development process.
Noting that the presence of Arabic will be active through banks banks banks Association and Arabic, in addition to the different banking experience.
The goldfinch by saying: that the experience of private banks in the country and faced significant challenges, pointing out that its effectively was after 2003 but need a great effort to bring the banking sector to the global services it provides to the public.
[millionday] so as we see part of the conference will also be for the world bank announcements -- goodness i wish it was right now -- i want to know what all the announcements are right now
[wmawhite] millionday ..maybe mix in some IMF announcements.....
[millionday] so as we see the report here is that they are going to give alot of info and they are not telling us what it all is right now but
[millionday] it is for the movement to international banking and the reform for iraq`s banking along with all the regulations that are changing and the services both domestically and also internationally
[millionday] they did give a hint that one of the announcements is what will make this possible and without it all of this is impossible
[wmawhite] millionday ........would be great for Iraq to announce a change in status of the IQD.
[millionday] so that sounds very encouraging agree --- i would also expect smile brb with more
PART 2 CONTINUED Link will be activated as soon as part 2 is published – Thank You