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Economy News - Baghdad
The head of the Iraqi Private Banks Association, Wadih al-Handal, confirmed on Sunday that the association is working with the government to develop the Iraqi banking sector and address weaknesses.
In his speech during the Erbil 2022 Banking Sector Development Conference, Al-Handal said, "The Iraqi Private Banks Association worked jointly with the Central Bank to establish an empowerment initiative to implement community initiatives in all governorates with support and financing for the banking sector."
He added, "The Association is working with the government to implement the Cabinet's decisions regarding the development of Iraqi banks, diagnosing weaknesses in the banking sector, and determining ways to address them," noting that "routine and financial and administrative corruption are among the most important challenges facing all sectors in Iraq."
He stressed, "Erbil enjoys stability and provides an attractive environment for investment and banking work, and the association aspires to work together with the Kurdistan Regional Government to develop and support various projects through the initiatives of the Central Bank of Iraq."
Al-Handal explained, "The Association of Iraqi Private Banks is working with the Central Bank of Iraq to finance and develop small and medium enterprises in various sectors."
In turn, the Director General of the Banking Studies Department at the Central Bank of Iraq, Basem Abdul Hadi, said, "The Central Bank has important positions in supporting the Iraqi economy through the banking sector by launching development initiatives that included various sectors."
Abdul-Hadi added, in his speech during the conference, that "the central bank has taken effective steps to develop the banking sector, including conducting mandatory training for workers in the banking sector," stressing that "the banking sector in Iraq faces great challenges, the most important of which is mutual trust between the public and banks, and the central bank is making efforts in this regard." the field".
For his part, the Governor of Erbil, Omid Khoshnaw, said at the Banking Sector Development Conference, "Kurdistan has been working for a long time to develop the banking sector in a way that is reflected in simplifying procedures to attract capital to Iraq and Kurdistan and thus achieve the goals of development and prosperity."
He continued, "Achieving economic stability will lead to attracting foreign investment and building fruitful economic relations with neighboring countries," noting that "the Kurdistan region is working with Baghdad to build the establishment of a large banking system capable of facing the challenges of money laundering and corruption."
Added 12/04/2022 - 1:17 PM
Updated 12/04/2022 - 2:36 PM
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