Al-Nusairi Calls On The Government And The Central Bank To Protect The Banking System From Collapse
Economy News – Baghdad Today, Tuesday, the economic and banking advisor to the Iraqi Private Banks Association, Samir Al-Nusairi, called on the government and the central bank to intervene to protect the banking system from collapse, while counting the number of private banks that are not practicing their commercial activities.
Al-Nusairi said in a televised interview followed by Al-Eqtisad News, “The government and the central bank must intervene to protect the banking system from collapse due to subjective and objective political influences and tensions and the US Treasury’s continued pressure on the Iraqi economy and harming it through previous sanctions and new restrictions to prevent it from conducting its transactions in the US dollar on Despite the efforts made by the Central Bank during 2023 in cooperation with the government and international banks to regulate foreign trade financing and with the Financial Action Organization.”
He added, "International organizations confirm in their evaluation reports on Iraq that it has applied standards for combating money laundering and terrorist financing. This means that our banks are strictly committed to international standards and are trying with great efforts to comply with the global system."
Al-Nusairi explained, “The number of private banks that are no longer practicing all of their banking activities has reached 32 commercial and Islamic banks, which constitute 50% of the volume of banking activity in Iraq. Therefore, this will destabilize confidence in the Iraqi banking sector locally and internationally, and thus will fail the plans for economic reform, and thus will harm our national economy.” ".
The Association's advisor, the Prime Minister, and the Governor of the Central Bank called for "intervention, in cooperation with the Ministry of Foreign Affairs, and conducting negotiations at the highest levels with the American side to remove our banks from the cycle of sanctions, deprivation, and restrictions on banking activity and for them to return to operating in full banking and Islamic activity while rehabilitating some banks in accordance with binding international standards." ".
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