"AND... THE MONETARY REFORM VISION" BY FRANK26, 14 APRIL

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FRANK26: "AND... THE MONETARY REFORM VISION"...........F26

Advisor to the Association of Banks: The Prime Minister’s decisions to support private banks confirm the government’s vision of stimulus and banking reform 

4/12/2024

 

Baghdad
 

Samir Al-Nusairi, advisor to the Iraqi Private Banks Association, said that the seven decisions recently issued in implementation of the directive of Prime Minister Muhammad Shia Al-Sudani regarding supporting our private banks confirm the government’s vision in its governmental approach and strategy that is consistent with the Central Bank’s strategy to reform the banking sector.

He explained that these decisions outlined the executive and supportive procedures for comprehensive reform

For the banking sector, which constitutes the basis and true beginning of successful economic reform, which included the following: 

1- Preventing monopoly in banking services

2- Activating the Central Bank’s financing initiatives 

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 to Iraqi banks

5- Participation of government institutions and financial funds with private banks and expansion by opening branches in countries 

The other

6- Government and Central Bank support for private banks in foreign 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 

Private.

Al-Nusairi stressed that the implementation of the decisions, which came as a result of an in-depth study by the Ministerial Council for the Economy and in the presence of the Central Bank of Iraq, of the challenges facing private banks, especially after 28 private banks were subjected to US Treasury restrictions by stopping their dealings in the US dollar in external transfers, are practical applications to motivate private banks to develop their internal banking operations. And foreign affairs in a way that contributes to economic reform.

Pointing out 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. We hope that efforts will succeed in creating new balanced relations between the American side and our Iraqi delegation in the field of organizing and developing clear foundations for both parties in banking relations in accordance with international standards.

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