Economy News – Baghdad:
A member of the Board of Directors of the Union of Arab Banks, Chairman of the Board of the Development Bank, Ziyad Khalaf, announced that the Iraqi banking sector has a rich experience that made it exceed the political and security conditions and fluctuations.
Khalaf said in his speech at the Arab Banking Conference that was held in Cairo, “This conference is taking place under difficult exceptional circumstances that the entire region is going through, especially in the countries of Iraq and Lebanon, and that this conference is of great importance as it is taking place on the margins of these conditions and their economic and financial implications in order to address the resulting effects And the implications of the reality and course of our Arab banking sector. ”
He added that the current conditions require us to exert all our efforts to set a road map aimed at mitigating the effects of the expected shocks that will be resolved in the economies of our countries as a matter of national and professional responsibility. Nationalism and the widening of the phenomenon of unemployment, so these circumstances require our banks to adopt conservative policies and strategies in the field of credit and lending, in addition to activating the roles of oversight departments in a significant way, and that contributes to reading the economic situation and To Mali correctly and take the necessary measures and measures to activate contingency plans and alternative plans to ensure the continuity of the banking business and meet customer requests.
He stressed that the political conflicts and the security instability experienced by a number of Arab countries, including my own, Iraq are a result of the deteriorating and critical economic conditions that many Arab societies, particularly the youth group, suffer from, as 30 million Arab citizens are below the poverty line and the unemployment rate in the Arab world. It is 10% versus 5% globally.
He pointed out that banking in and of itself, regardless of time and place, necessarily implies risks, challenges and anxiety, in order to objectively link to capital investments, which are characterized by an absolute sensitivity to political, economic and security fluctuations.
And that the reality of the banking sector in Iraq and its rich experience through its confrontation with these conditions and political and security fluctuations and over the course of five decades where the banking sector went through many and various throats and was able to overcome them wisely and knowledgeable of the Iraqi banking leaders and cooperation with the Central Bank of Iraq, and despite the conditions and challenges that the banking sector faced, it was able Out of its contract and its effects and what helped in achieving its successes is the strength, durability and solidity of the Iraqi economy, and because of its large and well-known wealth, which it is hoped to invest and manage properly during the next stage.
He added that the skill of the banking leadership with inspiration and implementation of international banking standards issued by international banking institutions and follow-up to the periodic reports of the World Bank for Iraq made them overcome many difficulties, especially after legislation supportive, guaranteeing and immune to proper banking work, most notably the Anti-Money Laundering and the Financing of Terrorism Law, and other laws and instructions And the required standards.
Khalaf expressed his optimism about correcting the track and adopting the necessary reform programs to boost the economy and achieve the necessary economic development, as a result of the popular movement. A bright future awaits Iraq in particular, and the Arab world as a whole, with its great wealth requirements and the broad need to rebuild and rebuild with huge and massive investments.