Economy News – Baghdad
The President of the Association of Iraqi Private Banks, Wadih Al-Hanalal, participated in the Arab Economic Security Forum organized by the Union of Arab Banks in Beirut.
Al-Hanalad stressed that the forum is held in complex circumstances and geopolitical changes witnessed by the region, and the Arab banking sector began to be affected, starting with the State of Iraq, adding that Iraq still faces great challenges, at various economic levels, including depriving the Iraqi private banking sector of the use of the dollar, which exceeded half of the number of banks operating inside the country, which is a very dangerous indicator, despite the quest of Iraqi government and private institutions to comply with local and international anti-money laundering and terrorist financing laws, but for the first time we are witnessing a clear targeting of the sector that began to affect banking services inside the country, destabilizes the confidence of citizens, and hinders the expansion of financial inclusion.
He added that these challenges facing the banking sector reaffirm the prominent role played by the Union of Arab Banks, international organizations and Arab banks in coordinating positions and confronting threats together, pointing out that our meeting represents an opportunity for cooperation and agreeing on a road map for the future, as the targeting of the Iraqi banking sector will not stop within its borders, and may expand at any moment to other countries in light of regional unrest.
Al-Hanalal pointed out that the Association of Private Banks is working with the Iraqi government, the Central Bank and some local and international institutions, to save the banking sector, and the return of banks deprived of dealing in dollars to their activity, but this is not enough, but it requires continuing to cooperate with the Arab and foreign banking sector, because the stage of integrating the Iraqi banking sector with its Arab counterpart must begin quickly, and we are taking great steps in this direction, especially that His Excellency Prime Minister Engineer Mohammed Shia Al-Sudani held dialogues in Washington with the US President and other officials in the government, who announced in a joint statement the possibility of returning a group of Iraqi banks to deal in dollars and supporting the private banking sector.
Al-Hannal valued the efforts of the Iraqi government and the Central Bank of Iraq to create deeper understandings with international banks, the Federal Bank and the American Treasury to expand the integration of the Iraqi banking sector with the global financial system, in addition to supporting the Iraqi dinar, which led to a gradual increase in its value.
He pointed out that Iraq is witnessing a great development in the transition to e-government and the adoption of electronic payment, and this leads to the growth of the digital economy, especially since there is a trend inside the country to increase the number of electronic banks, to keep pace with technological development and increase performance.
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