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A banking delegation in Washington is considering developing deals with global banks amid optimism from the US Treasury
Range / Zahraa Al Jassim
A banking delegation in Washington is considering developing deals with global banks amid optimism from the US Treasury
Range / Zahraa Al Jassim
At the time of the US Treasury in its meetings with the Iraqi banking sector optimism about the opening of relations between Iraqi and US banks, and Iraqi bankers believe that the position of the banking sector improved in general, especially after the end of the war on terrorism and the legislation of the law against money laundering and financing of terrorism, The American side did not show until today how to help the Iraqi banking sector or develop it to keep up with the modernity in banking transactions, and also stresses the Iraqi banks to re-evaluate their work to raise the creditworthiness, Since the banking sector since 2003 has been carrying out major tasks to finance foreign trade and foreign investment, most of which do not have cooperation with foreign correspondent banks.
An Iraqi banking delegation comprising 17 private banks and two government banks, the Rafidain Bank and the Industrial Bank, is currently visiting the US Treasury, American banks, the OPEC Foundation, American financial institutions and a number of employees of the US Embassy. , And discuss opportunities for cooperation between the two parties in order to develop aspects of dealing between Iraqi and US banks.
And where the representative of the Center for Strategic Studies, the American Dan Randy, who conducted the meetings, the global media reflected a negative image of Iraq over the past years, which significantly affected the entry of foreign companies to work in Iraq, "noting at a time that the Iraqi market contains a large positives and a great opportunity for investors To work in. "
, Says the official of the Middle East in the bank Citibank Denis Flanery: "The US banks now have more reassurance to Iraqi banks, especially after the steps of the Central Bank of Iraq, the positive fight against money laundering and punish violators," adding: As the US banks studying the mechanism of work with Iraqi banks and projects "
The US treasury announced Friday that the Treasurer of the Treasury for Terrorist and Financial Crimes Marshall Blanczelya said after the meeting with the Iraqi delegation in Washington that the US Treasury Toll And we are optimistic about the opening of relations between Iraqi banks and US banks, and aspire to have this sector the largest role in the near future, so the treasury did not put red lines on these transactions.
"The meeting discussed the development in the Iraqi banking sector, especially in the past five years, and the strengthening of cooperation with Arab and foreign banks in addition to plans for the reconstruction of liberated areas and development in the oil sector, The Executive Director of the Association of Private Banks, Ali Tariq said in the statement: The US delegation praised the development witnessed by the Iraqi banking sector, despite the challenges facing the current period, adding: "Despite the general conditions of the country, but the work of banks is constantly evolving as we seek to Reducing the use of cash in life transactions through projects operated by the Association of Iraqi private banks in cooperation with the Central Bank of Iraq, through the project of financial inclusion and the settlement of salaries.
"The private banks are working hard to be balanced with government banks through deposits and through the issuance of decisions to stimulate government departments to deal with private banks," he said, adding that "Iraqi banks implement the law on combating money laundering and terrorism and instructions on compliance and risk management "
According to officials in the Iraqi banking sector private, it is expected to continue the regular meetings between the Iraqi banks and the US Treasury on one hand and between them and foreign banks, specifically the US, through the establishment of an annual forum between Iraqi and US banks.
However, despite the frequent meetings between officials from the US and Iraqi sides in the banking sector, the latter is still suffering from a clear failure in banking transactions with the distance from mechanization, where this system still depends on the old mechanisms, which generates slow in the implementation of banking with the citizen, Kalrashid and Rafidain.
The expert on economic affairs, Ahmed Barihi, said in an interview with "(to the extent) that all the above talk by officials in financial institutions of the United States is only" the establishment "as they did not show until today how to help the Iraqi banking sector to keep pace with modernity The banking transactions, or how to develop it and in any areas, adding: On the other hand, there should have been specific demands for the Iraqi bankers in this delegation, because we did not find any clarification either from the Iraqi banking delegation or from the US financial institutions meeting with him, This is a "waste of time" as he put it "
He went on to say: It has been over Iraq 14 years after 2003 and the banking sector, which takes the task of financing large foreign trade and foreign investment, but the US side did not help us to develop banks in this direction, so that Iraqi banks did not receive any assistance from US banks, The latter should be willing to cooperate with Iraqi banks and US banks will be correspondent banks for Iraqi banks, a point that has not yet been implemented. Berihi continued: Although it was earlier issued by the Ministry of Finance a decision under which all the indebtedness of the Rafidain Bank, we today need to work to rid him of the issue of fear of indebtedness, because there is a problem in the assessment of Iraqi banks as foreign banks shy away from dealing with some of them, To re-evaluate the work of Iraqi banks in order to raise the creditworthiness by the specialized bodies so that we have under this joint work with the correspondent banks, which is a mediator between the Iraqi Bank, as equipped for Iraqi traders abroad, and here must open the Iraqi bank account in that correspondent bank to deal With him, Which is not verified in most of the Iraqi banks, including the government so far.
And where the representative of the Center for Strategic Studies, the American Dan Randy, who conducted the meetings, the global media reflected a negative image of Iraq over the past years, which significantly affected the entry of foreign companies to work in Iraq, "noting at a time that the Iraqi market contains a large positives and a great opportunity for investors To work in. "
, Says the official of the Middle East in the bank Citibank Denis Flanery: "The US banks now have more reassurance to Iraqi banks, especially after the steps of the Central Bank of Iraq, the positive fight against money laundering and punish violators," adding: As the US banks studying the mechanism of work with Iraqi banks and projects "
The US treasury announced Friday that the Treasurer of the Treasury for Terrorist and Financial Crimes Marshall Blanczelya said after the meeting with the Iraqi delegation in Washington that the US Treasury Toll And we are optimistic about the opening of relations between Iraqi banks and US banks, and aspire to have this sector the largest role in the near future, so the treasury did not put red lines on these transactions.
"The meeting discussed the development in the Iraqi banking sector, especially in the past five years, and the strengthening of cooperation with Arab and foreign banks in addition to plans for the reconstruction of liberated areas and development in the oil sector, The Executive Director of the Association of Private Banks, Ali Tariq said in the statement: The US delegation praised the development witnessed by the Iraqi banking sector, despite the challenges facing the current period, adding: "Despite the general conditions of the country, but the work of banks is constantly evolving as we seek to Reducing the use of cash in life transactions through projects operated by the Association of Iraqi private banks in cooperation with the Central Bank of Iraq, through the project of financial inclusion and the settlement of salaries.
"The private banks are working hard to be balanced with government banks through deposits and through the issuance of decisions to stimulate government departments to deal with private banks," he said, adding that "Iraqi banks implement the law on combating money laundering and terrorism and instructions on compliance and risk management "
According to officials in the Iraqi banking sector private, it is expected to continue the regular meetings between the Iraqi banks and the US Treasury on one hand and between them and foreign banks, specifically the US, through the establishment of an annual forum between Iraqi and US banks.
However, despite the frequent meetings between officials from the US and Iraqi sides in the banking sector, the latter is still suffering from a clear failure in banking transactions with the distance from mechanization, where this system still depends on the old mechanisms, which generates slow in the implementation of banking with the citizen, Kalrashid and Rafidain.
The expert on economic affairs, Ahmed Barihi, said in an interview with "(to the extent) that all the above talk by officials in financial institutions of the United States is only" the establishment "as they did not show until today how to help the Iraqi banking sector to keep pace with modernity The banking transactions, or how to develop it and in any areas, adding: On the other hand, there should have been specific demands for the Iraqi bankers in this delegation, because we did not find any clarification either from the Iraqi banking delegation or from the US financial institutions meeting with him, This is a "waste of time" as he put it "
He went on to say: It has been over Iraq 14 years after 2003 and the banking sector, which takes the task of financing large foreign trade and foreign investment, but the US side did not help us to develop banks in this direction, so that Iraqi banks did not receive any assistance from US banks, The latter should be willing to cooperate with Iraqi banks and US banks will be correspondent banks for Iraqi banks, a point that has not yet been implemented. Berihi continued: Although it was earlier issued by the Ministry of Finance a decision under which all the indebtedness of the Rafidain Bank, we today need to work to rid him of the issue of fear of indebtedness, because there is a problem in the assessment of Iraqi banks as foreign banks shy away from dealing with some of them, To re-evaluate the work of Iraqi banks in order to raise the creditworthiness by the specialized bodies so that we have under this joint work with the correspondent banks, which is a mediator between the Iraqi Bank, as equipped for Iraqi traders abroad, and here must open the Iraqi bank account in that correspondent bank to deal With him, Which is not verified in most of the Iraqi banks, including the government so far.
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