Minister of Finance, the Association of Private Banks is organizing a meeting for the banking sector

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Economy News _ Baghdad

The Iraqi Private Banks Association, in the presence of the Deputy Prime Minister for Economic Affairs, Minister of Finance, Dr. Ali Abdul-Amir Allawi, held a meeting that includes all banks operating in Iraq to discuss the mechanisms for developing the banking sector according to the white paper.

The Minister of Finance, Ali Abdul Amir Allawi, said during the meeting, I thank the Iraqi Private Banks Association for this invitation, because the banking sector is the most important economic sector, and the state is working to support it in order to move the economy, stressing that the current economic reform movement is the most serious and will continue to governments Coming.

He added that the Ministry of Finance is working to strengthen the infrastructure for the advancement of all economic sectors, especially the banking sector, in order to support investment projects in Iraq, explaining that the Ministry of Finance does not see any alternative but to strengthen the banking sector and push it forward by removing obstacles in front of it.

He noted that the Ministry of Finance is seeking to offer bonds worth 3-5 billion dollars to citizens in the two currencies, the dinar and the dollar, and we expect private and government banks to buy them.

He pointed out that the exchange rate of the dinar against the dollar will be fixed when the bonds are issued, in order to avoid any losses in the purchase of bonds by banks and citizens.

He stressed that the Ministry of Finance, through the White Paper, will reform the financial policy, monitor the economy, and change it to keep pace with the global economy, explaining that the political decisions that were taken in the past have affected the economy.

On the other hand, the head of the Iraqi Private Banking Association, Wadih Al-Handal, thanked the Minister of Finance for meeting the invitation, stressing that the white paper accurately diagnosed economic problems, and solutions became available to all officials.

Al-Handal noted that Iraq is now at a crossroads, and if the rapid reforms necessary to pull the country out of its crisis are not implemented, this crisis will worsen in the coming year and the years that follow, calling for the adoption of reform policies and contributing to their implementation, whether at the level of the public or private sector.

He pointed out that the Association of Private Banks praises the reforms related to the banking sector included in the white paper, praising the procedures of the Central Bank of Iraq that contribute continuously to support the private banking sector.

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