The Advisor To The Association Of Banks Calls On Our Banks To Confront The American Banking Restrictions With Wisdom And Determination To Implement The Banking Reform Strategy, 11 FEB

 The Advisor To The Association Of Banks Calls On Our Banks To Confront The American Banking Restrictions With Wisdom And Determination To Implement The Banking Reform Strategy.

Money  and business  Economy News – Baghdad  Advisor to the Iraqi Private Banks Association, Samir Al-Nusairi, called on the banks to bypass the American banking restrictions by depriving 28 private banks of dealing in the US dollar, and to take all executive and technical measures to overcome the material and moral damage caused by these restrictions and the pressures of rumors launched by those who troll the murky waters with the aim of stopping the wheel of financial and banking reform that... Led by the government and the Central Bank, which yielded good results at the local and international levels during 2023.

Al-Nusairi referred to the directives of the Governor of the Central Bank, in his meeting with a delegation from the Association of Banks, to deal wisely and insist on implementing the strategy of the government and the Central Bank in banking reform, regularity and adherence to international banking standards, enhancing confidence in our national economy and banking sector, continuing to provide banking services and products to the public, and dealing in local currencies of countries with which Iraq has important trade exchange. With it, and securing local and international requirements to build solid banking relationships with solid global correspondent banks.

Al-Nusairi stressed that the strength and strength of the international rules and foundations on which the national economy is based, most notably the foreign reserves at the level of adequacy and within the standards in this regard, is the surest guarantee for overcoming the crises and challenges expected for subjective or objective reasons during 2024.

Al-Nusairi concluded his speech by stressing the strict commitment and cooperation with the Central Bank and the implementation of what was stated in its strategy in 2024, which focuses on the following axes:

First - Building a stable financial system that lies in accompanying financial electronic systems and the transition to the digital economy.

Second: Commitment to establishing the rules of compliance, risk management, transparency, and soundness of financial operations.

Third: Working to strengthen international relations, including establishing a network of relations with foreign correspondent banks.

Fourth - Establishing a Riyada Bank and redirecting work on initiatives to finance small and medium enterprises according to new standards and with international cooperation, with banks contributing to its capital and management. In line with the initiative of the Prime Minister (Riyada) and the establishment of the Loan Guarantee Company.

Fifth: Preparing, launching and implementing a financial inclusion strategy and developing it in joint coordination with the relevant authorities.

Sixth - Launching the national lending strategy, relying on the banks’ own financial capabilities to attract deposits and invest them in providing the best banking products to customers and contributing to development, with the support of the Central Bank and the government.‏

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