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The European Union mission expresses its readiness to cooperate with the Iraqi banking sector
June 09, 2024
His Excellency the Governor of the Central Bank of Iraq, Mr. Ali Mohsen Al-Alaq, received a delegation from the European Union mission headed by His Excellency Ambassador Mr. Thomas Seiler in Baghdad.
His Excellency the Governor discussed the role of the Central Bank of Iraq and its interest in developing the banking sector, and its diligent measures in structuring government banks and addressing problems therein with direct support and follow-up from the Prime Minister.
His Excellency explained that these banks hired international auditing companies. Pointing out that the Central Bank is working to establish a “Riyadah Bank” specialized in financing small and medium enterprises, in order to facilitate and develop credit capacity, in consolidating loans, with support and supervision from the Central Bank and financing from private banks, and seeking the expertise of international organizations in this field.
In his speech, His Excellency the Governor focused on the bank’s interest in strengthening and developing electronic payment systems and internal and external electronic financial transfers, and developing supervisory practices in the field of combating money laundering in accordance with international standards.
For his part, Mr. Siler praised the role of the Central Bank of Iraq in the steps it took to develop the banking sector, economic stability, and confront difficulties and challenges.
Expressing the readiness of the European Union to provide support and joint cooperation in developing systems and expertise for the staff of the Central Bank of Iraq and to open areas of cooperation with the Iraqi and European banking sectors through official communication methods between them.
Central Bank of Iraq
Media Office,
June 9, 2024
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