Banking sector is most important role in Iraq’s strategic economic development, says banking specialist

Posted: December 1, 2013 in Iraqi Dinar/Politics

Academic: banks strategic role in economic development

1/12/2013 0:00

Urged to adopt advanced technology to achieve its objectives

financial institutions vessel that feeds all sectors, must work to develop mechanisms of action adoption of advanced technology, which can not achieve

economic development by adopting traditional methods (according to a specialist).

Especially as the most prominent role in the process of economic construction works require banking sector and global products Bmcunninh fast.

academic affairs specialist banking d. Sadiq al-Shammari said that the banking sector is one of the most important sectors that have the role of a strategic economic development of the country, as directed to the nature of small and medium enterprises, support and push it towards the enhancement of productive capacities,

which are the backbone of the economies of the country in general and the foundation for the creation of economic and social development through economic returns The positive achieved and its impact on the national economy.

investment channels added in an interview for the “morning” that the banks have become as a vessel pools of savings and deposits in all its forms and then out into the investment channels that benefit the community and its development and the development, likening Dear heart,

which collects the blood and then starts pumping to all over the body smoothly to activate the body for the purpose of continuing its lifetime tender and performance that is their role in the sustainability of the various economic sectors.

challenges of privatization and pointed out that the banks are considered a mediator between the units surplus units and deficit, noting that the banking system is facing many challenges, including the general challenges of privatization and the presence of banking service and through the wishes of those customers and stick to them,

considering that the customer is the cornerstone of which is the foundation of the banking business and through the identification of their desires and their financial needs and develop products made ​​to fit and ambitious beneficiary of individuals, companies and institutions.

banking network and pointed to the importance of fixing the price of banking products and promotion and set up a banking network suitable for the provision of services, as well as meet the challenges of globalization and the concomitant evolution of the activity and spread through advanced technologies that accompanied their activities, pointing out that one of the global economic stated that the economy of any country,

but staying is not based on economic criteria only traditional, but on the basis of prosperity the banking industry, a term that satisfies customers on this service, so it should be on the banking system of the Arab to enter and at an accelerating pace in technological fields of technology.

Al-Shammari said: that the banking system as long as working in different environments, so he has to take what is new, and taken advantage of the opportunities for enhanced by and develops and Inmiha examines the risks or threats to try to measure and follow-up to minimize and mitigate them.

study of risk and stressed the need to be taken advantage of opportunities to promoted and developed by studying the risks and try to measure and follow-up to reduce and mitigate their effects, and taken advantage of opportunities to develop their abilities and energies in order to achieve a competitive advantage

and keep abreast of changes in the environments to take advantage of its laws and legislation on the grounds that the banking system of any country is sensitive to environmental changes and the needs of the community.

confirmed that the presence of a sound banking and Exempted able to mobilize and allocate Moar financial efficiently is a fundamental issue for the service for the purposes of targeted requirements vital and essential to achieve economic growth rates high and viable.

the efficiency of financial institutions and increased al-Shammari said the foundation in the work of monetary policy is to update and strengthen the reconstruction of banking systems to lead the main roles in the community such as the role of mediation and the role of payments and the other to achieve the positive benefits for the advancement of the national economy and its growth and development.

explained that the presence of a sound banking system and strong is to develop and raise the efficiency of institutions Banking and Finance to achieve economic stability and development of systems and control mechanism and supervision, development and renovation and expansion of banking services,

as well as the development of human resource in terms of their capabilities and qualifications and skills are able to accommodate modern technologies such as computers and technology communications systems developed on this basis,

the success of the areas of development of the banking system depends on the application of macro-economic policies sound and create a legal framework and adequate legislative, as well as a regulatory system effectively to secure the safety of the work of financial and banking institutions,

as well as the presence of risk management is able to identify and follow up and monitor and measure the risk of reporting them for the purpose to reduce them.

objectives of monetary policy and warned al-Shammari said the banking system sound and healthy to be able to achieve the goals of monetary policy and the economic policy of the country, and we have to provide advanced services that mobilize resources for the development and verification of various economic targets on the grounds that the banks are episode of economic development of any country and its by a reflection of the economic and financial.

He said the financial institutions have the most prominent role in the economic construction through active participation in the gross domestic product, and finding jobs for the unemployed, as well as complementary and reliability with large-scale projects,

as well as progressively increasing the size of the investment, and increase the volume of sales, is also working on creating a wealth of By providing superior products that meet the needs and consumer satisfaction.

Comments are closed.