The adviser to the Association of Banks calls for the implementation of the Prime Minister’s decisions in supporting private banks and lifting US restrictions on them, 7 AUGUST

 The economy news _ Baghdad

The advisor to the Association of Iraqi Private Banks, Samir Al-Nusairi, called for the implementation of the seven resolutions issued on 2024/4/4 in implementation of the directive of Prime Minister Mohammed Shiaa Al-Sudani and the private to support our private banks, which confirm the government’s vision in its government’s platform in financial and banking reform.
As well as activating and accelerating the implementation of the agreements that were concluded in the rounds of negotiations between the Central Bank and the US Treasury in Washington and Baghdad to remove the US restrictions from the use of the US dollar because the continuation of the current situation harms our national economy.

Al-Nusairi explained that the decisions of the Prime Minister supporting private banks dew the executive procedures for the comprehensive reform of the banking sector, which forms the basis and the real beginning of the completed economic reform. These decisions included:
1- Preventing monopoly in banking services.

2- Activating the financing initiatives of the Central Bank.

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 in Iraqi banks.

5- Participation of government institutions and financing funds with private banks and expanding by opening branches for them in other countries.

6- Supporting the government and the Central Bank of 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 the deposits of government banks with private banks.

Al-Nusairi stressed that the implementation of the decisions, which came as a result of an in-depth study of the Ministerial Council for the Economy and in the presence of the Central Bank of Iraq, the challenges facing private banks, especially after 28 private banks were exposed to the restrictions of the US Treasury by stopping their dealing in US dollars in foreign transfers, are practical applications to motivate private banks to develop their internal and external banking operations, which contributes to economic reform.
He pointed out the importance of the Central Bank accelerating procedures to rehabilitate and structure these banks, as well as the necessity of the international audit company to complete its agreed work in order to lift the limits and restrictions imposed.
He pointed out that 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, hoping that efforts will succeed in finding new balanced relations with the American side in the field of regulating and developing clear foundations for the parties in banking relations in accordance with compliance with international standards.

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Added 2024/08/06 – 9:48 AM

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