About the sanctions. “Economy News” publishes the outputs of the meeting of the Association of Banks with the Economics of the Parliament, 15 FEB

About the sanctions. “Economy News” publishes the outputs of the meeting of the Association of Banks with the Economics of the Parliament

Economy News – Baghdad

The Committee on Economy, Industry and Trade, headed by MP Ahmed Salim Al-Kanani, discussed today, Wednesday, with the Association of Iraqi Banks and directors of private banks, the sanctions imposed by the US Federal Bank.

The Information Department of the House of Representatives said, in a statement received by “Economy News”, that “the Committee of Economy, Industry and Trade, headed by MP Ahmed Salim Al-Kinani and the presence of its members hosted the Association of Iraqi Banks and Directors of private banks,” noting that “the meeting discussed the sanctions imposed by the US Federal Bank on a number of Iraqi private banks.”

The committee listened to “a detailed explanation provided by the Association of Iraqi Banks and Directors of National Banks about the most important problems and obstacles suffered by private banks, including freezing their balances abroad and stopping foreign transactions and transfers with correspondent banks.”

The Association of Iraqi Banks indicated that “the ban imposed on these banks came with a letter from the Central Bank of Iraq without stating the reasons,” calling on “the House of Representatives and the Parliamentary Economy Committee to intervene to address this issue in cooperation with the Central Bank and the Council of Ministers.”

The participants stressed that “the ban imposed on private banks negatively affected the Iraqi economy, as the private banks constitute more than 47% of the assets, 36% of deposits and 37% of the capital, adding that the prohibited banks constitute 50% of the private banks in Iraq, and this directly affects the performance of the Iraqi economy in a scientific way.”

For his part, the head of the committee stressed that “the House of Representatives pays great attention to this issue as it negatively affects the growth of the Iraqi economy.”
He added that “the committee is following up the matter with the Council of Ministers and the Central Bank of Iraq to find effective solutions that contribute to lifting the ban on these banks.”

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