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Banking reform in Iraq: the Foundations and Elements | ||
| Al Kut Journal of Economics Administrative Sciences | ||
| Article 1, Volume 0, Issue 19, 2018, Pages 254-267 | ||
| Abstract | ||
| Abstract The importance of banks has been Increased through its primary role in providing economic development of the finance and investment requirements, and depends mainly on the role of deposit collection from various sources and employment. As it is the banking activity from more activities in response to the global financial variables, especially financial globalization and its implications, Which was to lead in the growing trend towards the liberalization of the banking restrictions activity and removing regulatory and legislative barriers that were preventing the expansion of banking and financial activities and the multiplicity of fields. Based on this, it first Iraq, especially the reform and liberalization of the banking system issuance of the Banking Act importance (94) of 2004 and the Central Bank Law (54) of 2004, which is one of the most important laws that included a clear vision of the role of the banking system in light of the application of market economy mechanisms and make the legal framework Iraq in the field of banking in line with international standards and to promote confidence in the banking system and that establishing a safe and sound banking system. The banking reform in Iraq faces a range of regulatory and legislative restrictions and constraints that were preventing the expansion of banking and financial activities and the multiplicity of fields, and paves the way for rampant corruption in the banking sector. preference for private banks credit promissory cash credit to ensure the recovery of money. limited the application of electronic payment systems and below the level required for the completion of the process of e-transformation of the banking business. Adopting a national strategy for Banking reform and developing of the banking awareness through knowledge of the tools and methods of banking business and expanding customer base with this sector.. | ||
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