|During his speech at the 2018 Arab International Banking Summit|
Economy News Baghdad
The President of the Association of Iraqi private banks Wadih al-Hanalal, Friday, that Iraq has sought in recent years, led by the Central Bank and the participation of the Association of Banks, to promote the Iraqi banking sector because it is the main artery that feeds and activates the Iraqi economy.
Al-Hantal said during his speech at the Arab International Banking Summit, and attended by the “Economy News”, that “at the beginning we extend our best congratulations and congratulations to the Governor of the Central Bank of Iraq Ali Mohsen Al-Alak for his choice and merit as the best governor in the Arab region in 2018, to lead monetary policy in Iraq under difficult circumstances Iraq has passed through crises, most notably the war on terrorism and low oil prices, where the Central Bank of Iraq, led by the governor, proved to be an independent and solid institution capable of overcoming these difficulties. We also thank the Union of Arab Banks for choosing this and shedding light on the situation of the banking sector in Iraq”.
He added that “Iraq has sought in recent years, under the leadership of the Central Bank of Iraq and the participation of the Association of Iraqi private banks,” he said, adding that “Iraq has sought in recent years, led by the Central Bank of Iraq and the participation of the Association of Iraqi private banks , To promote the Iraqi banking sector because it is the main artery that feeds and activates the Iraqi economy.
He explained that “despite the exit of Iraq from the controls and restrictions of the seventh item of the United Nations, and its openness to the world, but we in the Iraqi banking sector, we still suffer from the so-called banking blockade, where the banking relations of Iraqi banks with Arab and international banks below the required level, Strive to activate banking relations with foreign banks. “
He pointed out that “the Iraqi banking sector is open to all international banks, and there are a lot of Arab banks or foreign actually in Iraq, and there are other banks wishing to enter the Iraqi market, and this is evidence of the improvement and development of this market, The Iraqi banker from within. “
And enables the individuals and companies to conduct their financial transactions accurately and safely and the banks to respond to this request and opening up more on the Iraqi market, the world turns into an open loop financial transactions after it was based on closed rings, which do not exceed the scope of one bank or one country taking into account the importance of openness to the world After the era of internal wars and crises in Iraq, where the Iraqi banking sector adopted the application of all international requirements and standards related to banking, including, but not limited to, recommendations of Basel (1,2,3), The Financial Stability Council, and other recommendations and legislation. This concern and commitment by our Iraqi banks to comply with this legislation is a result of their conviction and awareness of the importance of their impact on their work inside and outside Iraq. “
“We call on the Arab banks first and the international banks to work seriously to establish banking relations with Iraq in order to open up mutual relations between the Iraqi economy and foreign economies, exchange experiences and knowledge, and thus build confidence and revive the economy.
He concluded by saying: “I must express my pride and admiration for the persevering efforts exerted by the team of the Union of Arab Banks in order to make this a success. The good organization and management of the meetings of the Arab International Banking Summit this year have had a great impact on their success and achievement of their objectives. I am proud of all the colleagues who have provided the juice of their ideas in order to elevate the Arab banking work, wishing all success and success. “
It is worth mentioning that the Central Bank of Iraq has adopted ambitious plans to activate the financial coverage and also works to create all the technical requirements for this through the development of infrastructure where he established the central national division and a number of important electronic systems that are linked to Iraqi banks and worked to create the legal basis through To amend and legislate relevant laws such as the electronic payment law and to establish controls for the formulation of strategic policies.