Restructuring of Iraq’s banks
two years have passed and Neff to provide the World Bank grant of $ 10 million to restructure State-owned banks in Iraq, but that any significant development in its performance does not appear at all, this is what the President announced the team charged with the task of restructuring in one of the seminars economic reform, recently organized by the Economic Institute of the Iraqi economic reform.
all that happened is that the unity of the restructuring required for the studies prepared in accordance with the strategic plan has been agreed upon by the World Bank and the relevant Iraqi authorities, namely, (Central Bank of Iraq , Ministry of Finance, banks and governmental organizations).
who came by the recommendations of the studies things easy to implement in its content, but it seems tough to some people who change his Aarouk Among the recommendations the separation of capital ownership from management and re- the composition of the Board of Directors and the separation between the functions of Director-General and the functions of head Mjas administration and propose a new organizational structure, and then use the banking system as one of the central foundations necessary for the transition of banks to the level of the global banking industry, and the need to apply the principles and standards of good governance in the work of banks. the importance of talking about banks here and focus stems from the fact that the banking sector is the main foundation upon which to build economic development and what was the banking system does not rise to the level and requirements of the building, how can we catch up with the civilized world and that of the the most important requirements of the entry building companies and investment banks provide a solid giant in its capabilities, technologies and respond quickly to the requirements of the case, how these companies are still dealing with the banks means primitive then obsolete laws by eating and drinking age.
banking expert says: that the sector If the bank did not invest the opportunity of international support in the development of this structure and its performance is not Atnmah and there is no solid companies in Iraq, and even the private banking sector tried to slowly respond to the requirements of the banking business and owned a new technology designed for those services, but he ran into delays in government banks to own luxurious modern techniques or missed the opportunity to the private banking sector to take advantage of these new technologies.
all required by this stage is to accept the change to be concerned and carry out instructions and recommendations that emerged from the restructuring of banking unit government to be able to provide services and new banking products responsive to the requirements of the stage and encouraging for investors.