Advisor To The Association Of Banks: The Success Of The Banking File Negotiations In Washington Contributes To Protecting The Iraqi Banking System From Collapse, 7 April

 Advisor To The Association Of Banks: The Success Of The Banking File Negotiations In Washington Contributes To Protecting The Iraqi Banking System From Collapse

Advisor to the Iraqi Private Banks Association, Samir Al-Nusairi

Economy News – Baghdad  Advisor to the Iraqi Private Banks Association, Samir Al-Nusairi, expected, on Saturday, that the success of the US restrictions negotiations file on 28 private banks with the US Treasury in Washington will contribute to protecting the Iraqi banking system from damage and collapse.

Al-Nusairi said in an interview with Al-Iqtisad News, “We are only a few days away from the expected meeting of the Prime Minister with the American President and the American administration, which makes it very important, in this critical and complex stage that the banking system is going through, that the agenda includes meetings and negotiations with the leaders of the American administration.”

The Treasury Department and the US Federal Reserve call for determining the next and clear paths for bilateral economic relations between the two countries, which have broad relations in all fields.”

He explained, "One of the important files that will be included in the discussions, with the participation of the Central Bank and the Iraqi Private Banks Association, is the issue of financial and banking reform and protecting the Iraqi banking sector from collapse after the issuance of sanctions and restrictions by depriving 50% of the total private banking sector from dealing in the US dollar, which is the main foreign currency for banking and commercial transactions." In Iraq and international banking relations a long time ago.”

He pointed out that "the inputs and outputs of this important visit must convince the American side to reconsider the sanctions and restrictions imposed, especially since all the affected banks are currently subject to audit by K2 International, and this confirms the good faith of the banks that the reasons for the deprivation of dealing in the US dollar were not serious and intentional mistakes." .

He continued, "The importance of restoring activity and protecting the private banking system and ensuring the results of its work comes through the electronic platform for the year 2023, which has confirmed its safety and transparency."

Al-Nusairi concluded his speech by saying, “Failure to reach quick solutions to this issue will lead to confusion in the commercial and banking market and will affect ration card supplies, which are the primary food source for a large segment of the Iraqi people, and weaken the plans and procedures of the Central Bank and the government in financial and banking reform, and the lack of control over the stability of the exchange rate of the Iraqi dinar.” And the national economy was damaged.”

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