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Al-Handal added, in a speech during the activities of the banking sector development conference held today, Monday in Erbil, that "private banks, despite these challenges, have proven their worth by opening branches outside Iraq, such as Saudi Arabia, Dubai and Turkey, which are considered strong and influential economic centers, and the spread of tools contributed to Electronic payment in providing banking services in all governorates, especially in the Kurdistan region, which led to the establishment of the national payment system, as Iraq currently has 15 million bank cards of all kinds, in addition to more than 1300 ATMs.
He explained that "one of the manifestations of banking development in Iraq is that financial inclusion has increased by 33% over the past few years, and 2 million electronic wallets have been created, and the capital of banks has increased to 17.8 trillion dinars, compared to 159 trillion dinars, the value of assets."
And the head of the regional office of the Association of Private Banks stated that “deposits in banks rose to 96 trillion dinars, and loans to 80 trillion dinars, as banks granted 14 trillion to projects and the residential, agricultural and industrial sectors, and this is greatly reflected in the provision of job opportunities,” calling on the government to “ Providing a good business environment through many steps, including the possibility of depositing 10% of oil revenues in private banks to achieve a very high growth movement.
Regarding the Tamkeen initiatives, Al-Handal pointed out that “The Tamkeen Fund was established in 2014 under the management of the Central Bank of Iraq and the Association of Private Banks, and funded by donations from private banks on a monthly and annual basis. In 2017, work was carried out in the Baghdad campaign to develop 22 squares in the capital, in addition to developing Al-Mutanabi Street, at a value of 4 billion.” Dinar and building churches and temples for the Sabeans and Yazidis. In Kurdistan, the Association is working on community reconstruction operations in Halabja and Erbil, in addition to holding courses to qualify young people to enter the labor market.
And on the role of the Central Bank in banking reform, Al-Handal reviewed the steps of the Central Bank, explaining that "the Central Bank of Iraq has adopted building a strong and sound financial system because of its great role in achieving financial and economic stability, and this system is based on a central methodology applied by banks and electronic payment companies, and it is based on Work under a sound legislative, legal and regulatory umbrella and spread the concepts of governance and basic international standards, in addition to applying international standards in the Iraqi banking sector, especially in the field of correspondence with foreign banks.
He stressed that "one of the priorities of the Central Bank of Iraq is that there be strong infrastructure, as all Iraqi banks have relied on paper and pen in the performance of their work during the past 15 years, and therefore there has become an urgent need to implement electronic systems because of the huge technical gap in this field." However, our banks are currently able to obtain modern technological systems, despite the need for new cadres and human resources.
And he indicated that "the Center for Banking Studies in the Central Bank was able to develop human resources in the banking sector through courses in the field of credit, auditing, money laundering, banking awareness and compliance," noting that "Iraq suffers from an unstable situation and a very difficult environment, and therefore the expansion of financial inclusion needs to be Extensive economic and investment studies.
Added 12/04/2022 - 8:02 PM
Updated 12/05/2022 - 2:29 PM
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