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Iraqi-Saudi understanding in the banking sector APRIL 1ST, 2018


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Iraqi-Saudi understanding in the banking sector APRIL 1ST, 2018

Post by rocky on Tue 03 Apr 2018, 4:04 am

[size=26]Iraqi-Saudi understanding in the banking sector  [size=12]APRIL 1ST, 2018

 APRIL 1ST, 2018

Exchange branches of state - owned banks to increase monetary cooperation 
Baghdad 's new morning: 
In a new step towards the convergence of the Saudi Alaraca-, the Central Bank of Iraq announced a new understanding for the exchange of branches of state banks to increase monetary and trade cooperation between the two countries. 
"There is coordination between Baghdad and Riyadh to open a branch of the Iraqi Bank for Trade in Saudi Arabia in order to achieve a strategic partnership in the fields of economic, trade and investment," said the governor of the Central Bank of Iraq. 
He added in a press statement that "the monetary relations between Iraq and Saudi Arabia are good, and soon a branch of the Iraqi Bank for Trade in Saudi Arabia will be opened in order to facilitate the trade exchange between the two brotherly countries." 
He added that «Saudi Arabia will also open a branch of one of its banks in Iraq, which will promote economic relations between the two countries».
Iraq is witnessing a significant expansion in the number of private banks and the opening of branches of Arab and foreign banks, as at the end of last year nearly 110 banks and financial institutions. The banking business is divided into seven main government banks: Rafidain, Al-Rashid, Al-Iraqi Trade, Industrial, Agricultural, Real Estate and Islamic. 
The number of Islamic banks 23 banks, and eligibility 24, branches of Arab banks and global 20 branches, as well as the work of 6 financial institutions and 17 companies, financial transfer and 7 financial investment and 6 companies for electronic payment, the majority of the latter Arab and foreign. 
The Iraqi Central Bank announced the end of last year to form a committee to open relations with Arab and foreign banks, while stressing that Iraq is committed to international standards, specifically in the areas of anti-money laundering and risk management, insurance and international accounting.
"Iraq is committed to international standards, especially in the areas of anti-money laundering, risk management, insurance and international accounting, and there is a tightening of the central bank on the need for banks operating in Iraq to comply with these standards, especially after the issuance of the classification of banks, . 
He added that «Iraq is moving during the current stage to open relations with foreign banks and Arab, and we began to form a committee on this matter». 
On the other hand, said the representative of the Union of Arab banks Khoula Asadi, "The classification of the new Iraq is in the follow-up after the exit from the gray area," noting that «Iraq is in a very large format in the fight against money laundering». 
She stressed that «Arab financial reports indicate that Iraq has an advanced classification Arab, and we are working to develop the relationship with foreign correspondent banks».
Iraq is one of the few countries in the world with a number of branches outside its walls. In the words of the Deputy Chairman of the Parliamentary Economics and Investment Committee, Nora Al-Bijari, who attributed the reasons to the wrong policy pursued by the successive governments for decades, although it is one of the leading countries in the opening of foreign banks within The country ». 
Al-Bijari said in a statement to Al-Hayat International that "the reason for the change in the banking sector's policies of opening up to the world began last year, specifically after the lifting of the sanctions on Iraq or the so-called« Chapter VII », which allowed to sue any Iraqi bank outside the country and exposed To reserve his funds or withdraw them for the purpose of compensation for legal proceedings filed by foreign citizens and companies claimed to be affected by the former regime ».
"So far there are seven branches of government banks abroad, one branch of the Iraqi Bank for Trade on the Abu Dhabi Stock Exchange, and branches of Rafidain Bank in Bahrain, Sanaa, Amman, Cairo, Beirut, Abu Dhabi and Jordan. 
She stressed that «the private sector banks preceded the government in this area as the majority of them have branches in a large number of countries, especially those that have concluded partnership agreements with banks from those countries». 
"The presence of branches of foreign and Arab banks inside Iraq will be a catalyst for the development of the local banking sector, which was delayed for decades by economic sanctions and internal closure, and the presence of branches of Iraqi banks abroad will increase confidence in the Iraqi dinar and facilitate movement Trade and transaction completion, which is also a type of cooperation between countries ».

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