An Iraqi-Emirati banking meeting in Dubai to expand bilateral relations
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The Governor of the Central Bank, Mustafa Ghaleb Makheef, said in his speech, according to a statement by the Central Bank of Iraq, "This meeting aims to strengthen partnership and cooperation between Iraq and the UAE, as the UAE is the main gateway for cargo ships to Iraqi ports and the main financial and commercial partner in the import and export movement towards Iraq." He added that "the volume of trade exchange between the two countries exceeded $15 billion during the year 2020, in addition to settling a large part of Iraq's imports through commercial establishments in the UAE, which necessitates the necessity of regulating the movement of funds and foreign trade between the two countries."
He continued, "There are a number of Iraqi and Emirati banks operating in the two countries, and we look forward to strengthening the presence of Iraqi and Emirati banks by licensing branches in both countries to attract mutual financial operations and contribute to supporting the economy."
And he indicated that the Iraqi banking sector is one of the promising sectors in terms of growth opportunities and its ability to attract financial operations and provide banking services to citizens," noting that Iraq is seeking to attract $100 billion in the transport, energy and agricultural sectors.
The governor stressed that "Iraqi banks have always been under the guidance of the Central Bank Iraq, to keep pace with international banking standards, apply institutional governance, attract competent competencies and cadres, adopt compliance standards, combat money laundering and terrorist financing, apply international accounting standards, increase accounting disclosure and transparency in providing information, and implement the recommendations of the Basel II and III Committee.
On the other hand, the head of the Emirates Banks Federation, Abdul Aziz Abdullah Al Ghurair, said that “Iraq is the sixth trading partner of the UAE, and we see a great tendency from the Central Bank of Iraq to support the relationship between the banking sector in the two countries, adding that the Banking Union is ready to exchange experiences with Iraqi banking sector.
He stressed that "the size of the UAE banking sector amounts to more than 1.65 trillion dollars, and this makes it very strong in the financial market, and supports the non-oil economy, indicating that Emirati banks are ready to work with Iraqi banks and achieve partnership to serve the two countries." / End 8[/rtl]