Economy News – Baghdad
Samir Al-Nusairi, advisor to the Association of Iraqi Private Banks, said that the seven decisions recently issued in implementation of the directive of Prime Minister Mohammed Shia Al-Sudani, on supporting our private banks confirm the government’s vision in its government platform and its strategy in line with the Central Bank’s strategy to reform the banking sector.
He explained that these decisions drew the executive procedures and support the comprehensive reform.
For the banking sector, which forms the basis and the real beginning of the completed economic reform, which included:
1- Monopoly prohibition in banking services
2- Activating the financing initiatives of the Central Bank
3- Increasing cooperation between private banks and the Central Bank in discussing decision-making related to supporting and developing banking work
4- Determining the contribution of foreign capital in Iraqi banks
5- Participation of government institutions and financing funds with private banks and expanding the opening of branches in countries
The other
6- Supporting the government and the Central Bank of private banks in offshore institutions and banks
7- Increasing reliance on private banks by the Iraqi state and activating the deposit of government deposits
And deposits of government banks with banks
The private
Al-Nusairi stressed that the implementation of the decisions, which came as a result of an in-depth study of the Ministerial Council for the Economy and the presence of the Central Bank of Iraq, the challenges facing private banks, especially after 28 private banks were exposed to the restrictions of the US Treasury by stopping its dealings in US dollars in foreign transfers, are practical applications to motivate private banks to develop their internal and external banking operations, which contributes to economic reform.
He pointed to the importance of discussing this important file to lift US restrictions on these banks during the visit of the Prime Minister and his accompanying delegation to Washington next week.
This file is certainly the focus of the concerns of the government, the Central Bank, the Association of Iraqi Private Banks and the banking sector in general, hoping that efforts will succeed in finding new balanced relations between the American side and our Iraqi delegation in the field of regulating and developing clear foundations for the parties in banking relations in accordance with international standards.
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