Recommendations from Iraq Finance 2012

Iraq Finance 2012:

  1. 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.
  2. Welcomes the removal of restrictions on government and government related entities in their dealings with private banks.
  3. Urges the reduction of delays in the registration of companies, unifying company laws, and reduces the complexity of corporate registration rules and requirements.
  4. Urges the development of the accounting and financial management sector and encourages increasing the number of trained accountants to International Financial Reporting Standards.
  5. Urges the Central Bank to look into the costs of financial transactions and intermediations by removing market distortions.
  6. 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.
  7. Urges the government to consider the establishment of regional and provincial development banks to support the financing of the private sector.
  8. 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.

(Source: Symexco)

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