Al-Himas expects the lifting of “sanctions” on Iraqi banks: No violations have been proven, 30 SEPT

 Economy News – Baghdad

The Chairman of the Securities Authority, Faisal Al-Haims, confirmed that foreign auditing companies have not proven any violations on the penalizing Iraqi banks, expecting the lifting of US sanctions, especially after the Prime Minister’s recent visit to New York,

Al-Hims said, in a televised interview, seen by “Economy News”, that “the Iraqi market needs a banking sector with international compliance standards to (live),” stressing that “the authority aims to raise the number of traders in shares by 500%.”

He continued: “We were recently granted the authority to open new branches of the Iraq Stock Exchange, and we agreed to open two new branches in the governorates of Erbil and Sulaymaniyah. We are open and seek to expand the market spread base and we will agree to any request to open a new branch if the legal conditions are met.”

The Chairman of the Securities Authority stressed: “We are working on promotional campaigns to introduce the function and benefits of investing in the Iraq Stock Exchange, and the investment sectors in it as well, although the current efforts need greater momentum, but we seek to develop an effective strategy to raise the number of investors in the Iraqi Stock Exchange to 5 times its current number of more than 40,000 investors, during the next two years.”

He pointed out that “foreign audit companies have not proven any violations against the punishing Iraqi banks, and this is enough to lift the federal sanctions, and we hope that the Prime Minister’s visit to the United States will contribute in this direction.”

He pointed out that “the Iraqi economy depends completely on the financial revenue of oil, and on imports in meeting local need, and it emphasizes the difficulty of living without an effective banking sector, and therefore there is no choice but to create a real banking movement that applies international compliance standards.”

He pointed out that “there is a credit problem in private banks, customers prefer government banks, despite the large difference in the quality and volume of services provided in terms of deposit and borrowing, yet the government banking sector seizes more than 70% of customers.”

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Added 2024/09/30 – 10:19 AM

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