Specialist: Iraq's economic environment is qualified to attract international and Arab banks, 20 FEB

 Specialist: Iraq's economic environment is qualified to attract international and Arab banks

Baghdad Today - Baghdad

Economist and professor of financial economics at the University of Baghdad, Humam Al-Shamma, confirmed on Monday (February 19, 2024) that Iraq's economic environment is qualified to attract international and Arab banks.

Shamma said, for "Baghdad Today", that "Iraq and its economic, even security and political environment is ready to attract international and Arab banks," considering that "this is an important step in order to develop the banking sector in Iraq, whether governmental or private, especially since there are international banks currently operating in Iraq. "

He stressed that "the work of any bank, even if it is global, must be in accordance with compliance with international standards in financial transfers, and any bank that violates this exposes itself to sanctions, whether the United States or even by the Central Bank of Iraq."

He pointed out that "attracting international banks should not be limited to countries alone, but must be inclusive without any discrimination, and this is applicable in all developed countries of the world."

Talk of attracting banks from outside the country comes with the continued ban of many Iraqi banks from dealing in dollars as a result of non-compliance with the controls of the Central Bank and the US Federal Bank.