FRANK26: "ALAQ ADDRESSES DEVELOPMENTS IN THE BANKING SECTOR"., 16 MARCH

 KTFA

FRANK26: "ALAQ ADDRESSES DEVELOPMENTS IN THE BANKING SECTOR"......F26  

The Association of Private Banks organizes a dialogue session to discuss the latest developments in the banking sector in Iraq.

3/13/2025

 

- Baghdad
 

The Iraqi Private Banks Association organized a dialogue session to discuss the latest developments in the banking sector in Iraq, including deprived banks and fines imposed by the Central Bank. The session was attended by the Governor of the Central Bank of Iraq, Ali Al-Alaq, and representatives of banks and electronic payment companies.

At the beginning of the session, the Chairman of the Iraqi Private Banks Association, Wadih Al-Handhal, welcomed the Governor and the participants, stressing the importance of joint cooperation between the Central Bank, banks, and electronic payment companies to enhance financial stability and develop the banking system in accordance with the latest international standards.

Al-Handhal stated that the Special Committee for Assisting Deprived Banks, formed within the Ministerial Economic Council, called for the need to assist deprived banks and suspend fines imposed on them, as they are going through difficult circumstances, as everyone knows. He explained that deprived banks work daily to implement global financial requirements and are subject to daily fines, calling for these fines to be suspended and reviewed by the Central Bank of Iraq. 

For his part, the Governor of the Central Bank, Ali Al-Alaq, addressed the Central Bank's measures related to banks barred from using the dollar, noting signs of optimism in discussions with the US side on this issue. 

He stressed that the Central Bank supports the establishment of digital banks, with 75 banks having applied for them, contributing to accelerating the digital transformation of the banking sector in Iraq. He noted that the first phase will involve granting only one or two licenses for the purpose of experimentation and studying the problems and challenges facing these digital banks. 

Al-Alaq indicated that banks are required to work to increase the rate of financial inclusion by providing modern banking services that target broader segments of society, emphasizing that the transition to a digital economy is a fundamental step towards enhancing financial stability and economic development.

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