Protecting The Financial System Is A Priority For The Central Bank
Samir Al-Nusairi Some media outlets, social media networks and non-specialist analysts have begun to return to their analyses and statements to frighten citizens about US decisions to tighten economic sanctions on Iran.
We must make it clear here that Iraq's top priority is to protect its national economy, financial system and monetary system from international or American economic sanctions imposed on some countries. And its priority, according to its financial and monetary policies, is to avoid being a party to that.
This is well known to the US Treasury, international organizations, and international auditing and regulatory bodies, that "the Iraqi economy faced many crises and challenges, extending to the years before 2023, but the government, the Central Bank of Iraq, and the banking sector faced them wisely, harmoniously, and with high coordination, in order to know and determine the causes of these crises, and what are the solutions and treatments for the purpose of overcoming them quickly,"
as the Central Bank began at the beginning of 2023, using many procedures, such as using the electronic platform application, for foreign transfers in compliance with international standards and controls, which were represented by organizing the financing of foreign trade in directions that make the Iraqi banking sector regulated by international banking standards.
And that "these measures were fruitful during 2023 and 2024, and his policy of opening accounts in solid foreign correspondent banks for banks that lacked these banks succeeded.
The Financial Action Task Force (FATF), the US Treasury, the International Monetary Fund and the World Bank have commended the Central Bank’s measures in overcoming most of the comments, confirming the transparency of foreign transfers, and moving to cancel the platform and direct dealings between our banks and correspondent banks under the direct supervision of the supervisory bodies for foreign transfers and ensuring their arrival to the final beneficiary.
At a rate exceeding 97%, in addition to the government and the Central Bank contracting with international auditing and consulting companies with the aim of developing banks and ensuring their compliance with international standards.
These companies are Ernst & Young, K2, Oliver and Eman, and they are currently operating according to the roadmap and plans drawn up for that.
The Iraqi government, in cooperation with the Central Bank, has taken several steps in this direction, the most important of which is automating the tax system and the customs system. In view of this strict commitment to protecting our financial system, we reassure everyone that there is no possibility of imposing new sanctions on the banking sector. These are just rumors and have absolutely no basis in truth. https://economy-news.net/content.php?id=52720
