Recommendations from Iraq Finance 2012
Iraq Finance 2012:
- Welcomes the on-going reforms and restructuring of state-owned banks and turning them into independently capitalised corporations and urges a strong commitment to the operational independence of state-owned banks.
- Welcomes the removal of restrictions on government and government related entities in their dealings with private banks.
- Urges the reduction of delays in the registration of companies, unifying company laws, and reduces the complexity of corporate registration rules and requirements.
- Urges the development of the accounting and financial management sector and encourages increasing the number of trained accountants to International Financial Reporting Standards.
- Urges the Central Bank to look into the costs of financial transactions and intermediations by removing market distortions.
- Urges the formation of a national investment fund to support the financing of infrastructural projects in the regions and provinces and to support co-financing of Private-Public-Partnerships. The fund will issue development bonds to be placed with banks and the public.
- Urges the government to consider the establishment of regional and provincial development banks to support the financing of the private sector.
- Urges the government to establish the legislative and regulatory framework for Islamic banking in Iraq, so as to create a parallel banking and financial sector to the conventional model.