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Deputy Governor of the Iraqi Central Bank Abdulbasit Turki stated that Iraq’s financial capabilities are stronger than any challenges that the country is vulnerable of facing.
Turki reaffirmed by stating that in future if there are some challenges before the country, Iraq has greater potential to surpass those challenges successfully. During the celebrations of the 10th anniversary of establishment of Iraq’s Commercial Bank, he made these remarks, as reported by the local media sources.
Turki took over the Central Bank’s administration almost 10 months ago, following a period in which the bank’s former leadership was alleged to have pursued policies detrimental to the country’s economy and the exchange rate of its national currency, the dinar. Iraqi Central Bank’s coffers are reported to be brimming with hard cash with reserves estimated at more than $70 billion.
Turki said the short period in which he has been at the helm of the country’s most influential financial institution has provide him with evidence that Iraq will overcome its economic difficulties with great leaps forward in the near future. Though he did not elaborate but had hinted that discussions with different foreign banks are going on the context of opening branches in Iraq.
“We have met delegations from some of the world’s largest banks who are willing to start operating in Iraq,” he said.
Turki said his institution wants to turn Iraq into an arena for investment, particularly by foreign firms and entrepreneurs to rebuild its infrastructure. “Iraq is open to all investors willing to invest in it and reconstruct its institutions,” he said.
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Turki reaffirmed by stating that in future if there are some challenges before the country, Iraq has greater potential to surpass those challenges successfully. During the celebrations of the 10th anniversary of establishment of Iraq’s Commercial Bank, he made these remarks, as reported by the local media sources.
Turki took over the Central Bank’s administration almost 10 months ago, following a period in which the bank’s former leadership was alleged to have pursued policies detrimental to the country’s economy and the exchange rate of its national currency, the dinar. Iraqi Central Bank’s coffers are reported to be brimming with hard cash with reserves estimated at more than $70 billion.
Turki said the short period in which he has been at the helm of the country’s most influential financial institution has provide him with evidence that Iraq will overcome its economic difficulties with great leaps forward in the near future. Though he did not elaborate but had hinted that discussions with different foreign banks are going on the context of opening branches in Iraq.
“We have met delegations from some of the world’s largest banks who are willing to start operating in Iraq,” he said.
Turki said his institution wants to turn Iraq into an arena for investment, particularly by foreign firms and entrepreneurs to rebuild its infrastructure. “Iraq is open to all investors willing to invest in it and reconstruct its institutions,” he said.
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