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The Governor of the Central Bank of Iraq, Ali Al-Alaq, announced on Saturday the launch of a set of new projects to revitalize the banking sector in Iraq.
Al-Alaq said at the annual banking conference, which was attended by "Al-Iqtisad News", that "the central bank's initiatives exceeded 13 trillion dinars, which is the largest in Iraq's history to finance economic activities," adding that "the expansion of the use of modern payment methods contributes to improving revenues and building a strong foundation for stability and economic growth, and this is reflected in support the policies of the central bank.
Al-Alaq continued, "The Central Bank is working to achieve an integrated structure, rules, and sustainable policies to overcome technical challenges, information security, cybersecurity, and the application of security and privacy measures to protect the information of users and citizens."
He pointed out that the bank "is seeking to achieve an integrated system involving all financial spectrums, including financial and governmental institutions and business developers, to enhance the competitive environment, enhance compliance with international standards and prevent monopoly. We also look forward to building business partnerships with companies to be a key player in electronic payment services."
He pointed out that "the bank launched a set of new projects to revitalize the banking sector, including the establishment of the Riyada Bank for Social Development," noting that "the bank has social and economic dimensions and will provide the necessary support to the bank through its special initiatives."
He pointed out that "the bank will be the first in Iraq to take care of low-income people through soft loans and simple guarantees to reduce unemployment and poverty rates," noting that "the bank is putting the final touches to prepare a national strategy for bank lending in Iraq."
And he continued, "Among the projects is also the launch of a project to establish a center for money and business, and it will serve as an integrated city that includes the stock market, the business sector, and financial institutions," noting that "Prime Minister Muhammad Shia'a Al-Sudani instructed to provide land for this project, and the Association of Private Banks was assigned to prepare a preliminary study for the project." ".
Earlier in the day, the activities of the annual Iraqi banking conference were launched under the auspices of Prime Minister Muhammad Shia al-Sudani, the support of the Central Bank of Iraq, and the organization of the Iraqi Private Banks Association.
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