Release date: 2017/8/23
The Governor of the Central Bank Ali Al-Alaq discussed with the Saudi delegation headed by the Minister of Trade and Investment Majid bin Abdullah Al-Qasabi the transactions and the banking channels between Iraq and Saudi Arabia in order to agree on a plan of action for cooperation in the banking field through the formation of a team from SAMA and the Central Bank of Iraq The team will report it in the coming weeks.
"The banking sector in Iraq has taken several promising steps over the past few years to develop this sector and provide support for the establishment of private sector banks and about 70 private banks and other Islamic banks with 20 banks under Incorporation ".
"In addition to legislating regulations and laws and applying international standards and banking transactions that contribute to the development of this sector and other banking procedures, it now operates in accordance with the system of advanced payments and the application of governance in its administrative dealings."
For his part, al-Qasabi said "the desire of Saudi businessmen and investors to enter into investment projects after providing guarantees and banking facilities to them and to break the barrier of fear in this aspect because the Iraqi market is a promising market and attractive for investment."
He expressed "the readiness of the Saudi side to provide support to Iraqi banking channels because the banking infrastructure is the key to all economic, trade and investment."
The Saudi minister of trade and investment, Majid bin Abdullah al-Qasabi, arrived Tuesday evening in Baghdad.
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