Central Governor of Erbil: Our goal is to create a stable banking system

Central Governor of Erbil: Our goal is to create a stable banking system

Economical  10/22/2023
[You must be registered and logged in to see this image.]



  Erbil: Hussein Thaghb Al-Tamimi
The Governor of the Central Bank, Dr. Ali Al-Alaq, stated that work is continuing to create a stable banking system in Iraq in light of the developments taking place in the world and the progress made in financial services, revealing the completion of the development of the national strategy for financial inclusion.  

He explained in his speech during the annual Iraqi banking conference held in Erbil Governorate yesterday, Saturday, and attended by Al-Sabah, that creating a stable banking system requires consolidating the rules of compliance stipulated in the Money Laundering and Financial System Safety Law, ensuring the transparency of financial operations, as well as transitioning From the cash economy to the digital economy, as cooperation is underway with Prime Minister Muhammad Shiaa Al-Sudani and the concerned authorities due to the importance of the topic.
He pointed to the importance of strengthening the international relations of the banking sector, and working to increase the role of the financial system by supporting the production process, by establishing the Finance and Business Center in Iraq, and developing the national lending strategy.
In turn, the Prime Minister of the Kurdistan Government, Masrour Barzani, stated that the topic of the conference is important for discussion regarding the situation of Iraq and Kurdistan due to the importance of banking reform, as establishing a sound banking system represents an inevitable goal, as well as creating a banking infrastructure that supports our economy, as we benefited from the steps of Prime Minister Muhammad Shia. Sudanese.
He noted that, as part of the signs of banking reform in Kurdistan, the salaries of public sector employees will be placed in bank accounts, and merchants can also follow up on their accounts electronically, which means that loans will be more flexible, indicating the move to establish a system that provides banking services to all, by providing electronic payment devices in all regions of the country. In addition to granting freedom to citizens to choose the bank, he confirmed that progress has been achieved on the issue of money laundering and laundering.
As for the President of the Association of Private Banks, Wadih Al-Handal, during his speech, he focused on the importance of digital transformation in the country and its impact on developing economic performance and making economic operations run smoothly, pointing out that the conference focuses on the role of banks in stimulating investment, financing projects, providing job opportunities, and reducing pressure on the government. The importance of reforming the banking sector, to be able to provide the best services by adopting
advanced technology.
While the President of the Union of Arab Banks, Muhammad Al-Atrebi, called, during the same conference, for expanding dealings with the international banking market and allowing partnerships with the global financial sector, as they positively affect performance, with the necessity of complying with international standards, welcoming the openness of the Central Bank of Iraq to the global banking sector. Despite the challenges the world is witnessing.
In the same context, the representative of the International Finance Corporation in Iraq, Bilal Al-Saghir, stated that Iraq needs $233 billion to finance the projects that the country needs, stressing the importance of banks working to develop their capabilities into a greater financing platform and providing non-financial services as well.
As for the Chairman of the National Investment Authority, Haider Makiya, he pointed out that the banking system represents the cornerstone for promoting investment and activating sustainable development steps, pointing to opening horizons for the banking system to contribute to the completion of the Bismaya Complex.
He added that the Central Bank's initiative has moved the labor market positively, and it is hoped that it will be launched soon with a new mechanism that will serve the housing sector in the country.
Financial affairs specialist, Dr. Hamila Abdel Sattar Kurdi, praised the Prime Minister’s measures to reform the banking system, which require great cooperation from the citizen and the concerned authorities to adopt them, stressing the need to create real banking capabilities capable of dealing with the best banking products, which requires adopting mechanisms that enhance human resources and reach It meets international standards.
While the Executive Director of the International Smart Card Company, Ali Moneim, explained that the Central Bank has a good infrastructure that greatly helps in developing electronic services, stressing the necessity of keeping up with electronic services and upgrading them to global level despite the challenges, which requires work to make the citizen move towards electronic dealing, which has become Supported by the government and pushing for it.
[You must be registered and logged in to see this link.]

POSTED ON[You must be registered and logged in to see this link.] BY [You must be registered and logged in to see this link.]

[size=52]Central Governor of Erbil: Our goal is to create a stable banking system[/size]

[size=45]10/22/2023
[You must be registered and logged in to see this image.]
Erbil: Hussein Thaghb Al-Tamimi
The Governor of the Central Bank, Dr. Ali Al-Alaq, reported that work is continuing to create a stable banking system in Iraq in light of the developments taking place in the world and the progress made in financial services, revealing the completion of the development of the national strategy for financial inclusion.[/size]
[size=45]He explained in his speech during the annual Iraqi banking conference held in Erbil Governorate yesterday, Saturday, that creating a stable banking system requires consolidating the rules of compliance stipulated in the Money Laundering Law and the integrity of the financial system, ensuring the transparency of financial operations, as well as moving from a cash economy to The digital economy, as cooperation is being conducted with Prime Minister Muhammad Shiaa Al-Sudani and the concerned authorities due to the importance of the issue.
He pointed to the importance of strengthening the international relations of the banking sector, and working to increase the role of the financial system by supporting the production process, by establishing the Finance and Business Center in Iraq, and developing the national lending strategy.
In turn, the Prime Minister of the Kurdistan Government, Masrour Barzani, stated that the topic of the conference is important for discussion regarding the situation of Iraq and Kurdistan due to the importance of banking reform, as establishing a sound banking system represents an inevitable goal, as well as creating a banking infrastructure that supports our economy, as we benefited from the steps of Prime Minister Muhammad Shia. Sudanese.
He noted that, as part of the signs of banking reform in Kurdistan, the salaries of public sector employees will be placed in bank accounts, and merchants can also follow up on their accounts electronically, which means that loans will be more flexible, indicating the move to establish a system that provides banking services to all, by providing electronic payment devices in all regions of the country. In addition to granting freedom to citizens to choose the bank, he confirmed that progress has been achieved on the issue of money laundering and laundering.
As for the President of the Association of Private Banks, Wadih Al-Handal, he focused during his speech on the importance of digital transformation in the country and its impact on developing economic performance and making economic operations run smoothly, pointing out that the conference focuses on the role of banks in stimulating investment, financing projects, providing job opportunities, and reducing pressure on the government. The importance of reforming the banking sector, to be able to provide the best services by adopting
advanced technology.
While the President of the Union of Arab Banks, Muhammad Al-Atrebi, called, during the same conference, for expanding dealings with the international banking market and allowing partnerships with the global financial sector, as they positively affect performance, with the necessity of complying with international standards, welcoming the openness of the Central Bank of Iraq to the global banking sector. Despite the challenges the world is witnessing.
In the same context, the representative of the International Finance Corporation in Iraq, Bilal Al-Saghir, stated that Iraq needs $233 billion to finance the projects that the country needs, stressing the importance of banks working to develop their capabilities into a greater financing platform and providing non-financial services as well.
As for the Chairman of the National Investment Authority, Haider Makiya, he pointed out that the banking system represents the cornerstone for promoting investment and activating sustainable development steps, pointing to opening horizons for the banking system to contribute to the completion of the Bismaya Complex.
He added that the Central Bank's initiative has moved the labor market positively, and it is hoped that it will be launched soon with a new mechanism that will serve the housing sector in the country.
Financial affairs specialist, Dr. Hamila Abdel Sattar Kurdi, praised the Prime Minister’s measures to reform the banking system, which require great cooperation from the citizen and the concerned authorities to adopt them, stressing the need to create real banking capabilities capable of dealing with the best banking products, which requires adopting mechanisms that enhance human resources and reach It meets international standards.
While the Executive Director of the International Smart Card Company, Ali Moneim, explained that the Central Bank has a good infrastructure that greatly helps in developing electronic services, stressing the necessity of keeping up with electronic services and upgrading them to global level despite the challenges, which requires work to make the citizen move towards electronic dealing, which has become Supported by the government and pushing for it.[/size]
[size=45][You must be registered and logged in to see this link.]