Iraqi private banks association: We seek to open up prospects for cooperation with foreign and US ba

Iraqi private banks association: We seek to open up prospects for cooperation with foreign and US banks are particularly




(Range) -20/07/2017
The Minister of Economic Affairs at the US Embassy Larry Mimut on Wednesday, the banking sector , the most important one of the main reasons for the development of the Iraqi economy, and we will work with those who support it to develop, as Iraqi banks are encouraged to open relations with the US private banks association, and at the time indicates the International Development Bank, that many of the Iraqi private banks in compliance with international standards, and is ready to open accounts with banks in foreign correspondence because of its unique cadre of integrated services, has accused the Bank of Baghdad administration, government banks acquired the banking business in Iraq because of policies The government supported the banking sector account.
This was during a panel discussion held by the Iraqi Association of private banks at its headquarters included both the representative of the Central Bank of Mazen morning and the representative of the Union of Arab Banks Khawla al - Asadi and a member of the Committee on Economy Parliamentary Mahdi Al - Hafiz and managers of private and government banks and heads of branches of Arab and foreign banks operating in Iraq with the Minister Plenipotentiary for Economic Affairs Embassy American Larry Mimut, in addition to the representative of the US Treasury in Iraq, with the aim of opening a new page of relations with foreign banks, particularly US banks.
The Iraqi Association of private banks in a statement after the meeting got (range) , a copy of 'The aim of this dialogue session is to open a new page of relations with foreign and specifically with US banks banks', where he formed a committee chaired by the representative of the Central Bank, as agreed the formation of a delegation comprising government and private banks to visit the United States and establish strong relationships with correspondent banks and the US specifically. '
The Association confirmed, that an Arab American banking conference will be held in New York on the sixteenth of the month of October next, and Iraq will participate with a delegation senior banker, noting at the same time there is great confidence got between the Iraqi Association of private banks and the US Treasury. '
Minister Plenipotentiary for Economic Affairs at the US Embassy Larry Mimut, said during the meeting, he briefed on the activities carried out by the Iraqi Association of private banks such as business charities and human capacity development working in the banking sector through training, specifically in the fight against money laundering and the financing of terrorism file, also pointed out that the 'sector banking is one of the main reasons for the development of the Iraqi economy , and we will work with those who support it to develop and encourage Iraqi banks to open relations with the US private banks association, calling on private banks to 'need to find new ways to lend to small businesses because Here contribute to the development of the relationship between banks and foreign companies that will lead to the development of relations with foreign banks', stressing that ' the US government can not impose anything on private banks'.
In turn , noted the representative of the Central Bank Mazen morning, during the meeting, that 'Iraq is committed to international standards, specifically in the areas of anti - money laundering and risk management, insurance and international accounting, and that there is a tightening from the central bank on the necessity of operating banks in Iraq to comply with these standards , especially after the issuance of classification of banks 'noting that' Iraq draws during the current phase is to open relations with Arab and foreign banks have begun to form a committee in this matter. " On the other hand , said the representative of the Union of Arab Banks, Chairman of the Rafidain Bank, Khawla al - Asadi, said that 'Iraq classification of the new is in the follow - up area after leaving the gray area', noting that 'Iraq 's progress is very large in the fight against money laundering, and that the Arab financial reports It refers to Iraq for advanced classification of the Arab world, so we will work to develop the relationship with foreign correspondent banks'.
The Chairman of the Board of the International Development Bank Management Ziad Khalaf, told him during the meeting, said that 'there are many Iraqi private banks in compliance with international standards and is fully prepared to open accounts with banks and foreign correspondent because of its cadre of outstanding policies and procedures are subject to international standards, in addition to integrated services'.
So he asked: Chairman of the South Bank Administration Ali al - Zaidi, is that the problem of opening bank accounts in international banks lies Iraqi banks or foreign US specifically banks.?, While the Bank of Baghdad Commissioner Director confirmed, one of the private banks on behalf Aldahi, the 'government banks accounts on the banking business in Iraq because of government policies supported by the banking sector account.
The banking system in Iraq consists of 54 banks , as well as the Central Bank and distributed by ownership between (7) state banks and 23 commercial banks , including special (9) Islamic banks in addition to the 15 branches of foreign banks. At a time when Iraq is suffering from a financial and economic crisis as a result of lower oil prices globally , which is a one - sided economy based on oil exports to finance its budget annually without relying on non - oil resources, and the war against terrorism, which called on the government to take austerity measures series.

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