Specialists Identify A Number Of Factors To End Sanctions On Iraqi Banks
Economical 05/28/2024 Baghdad: the mainstay of the emirate Financial and economic affairs specialists have identified the correct frameworks that must be taken to address the sanctions that affected a number of banks by the US Treasury, stressing that
those frameworks that should be followed with the aim of mitigating or canceling the sanctions are to improve the level of banking compliance in Iraq within the scope of harmony in the international banking and financial market. In accordance with the best standards,
stressing at the same time the need to work seriously to restructure the Iraqi governmental and private banking system according to a coordinated road map.
The meetings conducted by the Prime Minister, Muhammad Shiaa Al-Sudani, during his visit to Washington last month, witnessed joint understandings regarding the sanctions imposed on a number of Iraqi banks,
which led a number of specialists to suggest that the results of that visit would result in easing or canceling the sanctions, especially after The Treasury’s assurances to the Prime Minister that 80% of transfers are in accordance with international standards,
while the official visit, which witnessed the participation of the private sector, was met with a broad parliamentary welcome, confirming support for government efforts that seek to achieve the interests, sovereignty and prosperity of the people, while the Finance Committee in the Council of Ministers expressed Representatives, and in the words of its president, Atwan Al-Atwani,
“its full support for the positive understandings that resulted from the visit to Washington, and within the framework of the shift in the relationship between the two countries from the security and military aspects to the areas of development, reconstruction, economy, and investment.”
According to the vision of the financial advisor to the Prime Minister, Dr. Mazhar Muhammad Saleh, during his speech to Al-Sabah, there are two directions to address or reduce these sanctions.
The first is to move towards improving the level of banking compliance within the scope of harmony with the international banking and financial market and in accordance with the best standards and practices. approved in the world, and
this is what all national banks are working on in cooperation with the monetary authority and its supervisory role in this The matter. Saleh pointed out that the
second trend, which would address or limit the sanctions, requires us to begin restructuring the Iraqi public and private banking system according to a coordinated road map and long-term visions in cooperation with international expert houses to put the banking system on modern competitive foundations and make it enjoy efficiency and governance.
And to be able to deal better with the development of digital payment systems and financial technology in a way that serves the provision of opportunities for stability and economic growth in our country, as well as optimal integration with the international financial market, which in all circumstances encourages all investment climates and attracts foreign investment to work in the fields of development and economic progress in our country. .
For his part, the specialist in financial affairs, Dr. Mahmoud Dagher, stated during his speech to “Al-Sabah” that the
sanctions or denial of access to the dollar were taken before the Prime Minister’s visit to Washington, but in the end nothing was achieved and we did not notice any progress except that in the next month of this year it will be
There is a committee from the Central Bank of Iraq, the US Federal Reserve, and the Treasury that is preparing a road map for reforms, that is, to address the situation of sanctions. He continued,
“We from the beginning noticed that there was nothing to prove what the mistake had been committed.” Drains.
Dagher praised the moves taken by the government and the Central Bank to try to correct the situation, which will need some time in order to reach joint understandings, and there are skirmishes between the two parties, and he stressed that the solution to this situation is through political understanding.
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