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Will we see {JP Morgan} in Baghdad?
Economical 2023/06/15
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The visit of JP Morgan Vice President Daniel Zeliko to Baghdad does not seem surprising in the context of the development of events and changes taking place in the Middle East due to the repercussions of the energy crisis caused by the war in Ukraine and its impact on the economic map in the world, in addition to the growing Chinese presence in the region. The Middle East through a number of trade and economic cooperation agreements concluded by China with the countries of the region in the context of working on the "Belt and Road" initiative, as well as the expected changes in the map of international trade on the Iraqi land area, following the announcement of the development road project linking through the dry channel between the Arabian Gulf and the port of The Turkish direction towards Europe, if we know that "GB Morkan" is the main player in financial exchanges and trading in the world as the main provider of financial services in the world and the largest bank in the United States.
And JPMorgan had previously handled the process of financial transfers for Iraqi trade with China via the SWIFT platform last February, to facilitate payments from the Iraqi banking system to the Chinese banking system with the aim of financing private sector imports directly.
GB Morgan has a role in a number of issues related to the management of Iraqi reserves and liquidity management, as well as the technical support provided by the aforementioned bank to the Central Bank of Iraq and the banking sector in Iraq. According to the data of the relevant authorities, in addition to the constant keenness of the Iraqi side to show the extent of the central bank’s commitment to applying international standards in combating money laundering and terrorist financing, and to strengthening relations with central banks in the countries involved in the system that deals and trades with GB Morkan.
What suggests the existence of an important and prospective role for the aforementioned bank whose features can become clear during the current stage, which paves the way for the existence of a banking industry in Iraq that rises to the level of the banking industry in the world, and which establishes a common ground between GB Morkan and the Iraqi banking system, and from here and it seems, "according to Official statement "The Central Bank of Iraq requested Zelico to "open a representative office in Iraq", and this office may be the beginning of direct applications for supervision and control and a real breakthrough for the global banking presence, and a supportive element for attracting investment capital in preparation for filling the banking arena free from the presence of globalization banks.
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