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An American bank expresses its support for Iraq's foreign trade financing operations
Economical 2023/06/10
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Baghdad: Al-Sabah,
the American Bank (JP Morgan) expressed its willingness to support Iraqi banks with foreign trade financing operations in the dollar currency, according to the Central Bank of Iraq in a statement published on Friday.
The statement stated that the Governor of the Central Bank of Iraq, Ali Mohsen Al-Alaq, met with the Vice President of the American JP Morgan Bank (Daniel Zeliko) in Baghdad. The statement indicated that the two parties discussed ways of cooperation between the Bank (JP Morgan) and the Central Bank of Iraq, and the willingness of the US bank to support a number of Iraqi banks in financing foreign trade operations in the US dollar.
According to the statement, Zeljko praised the recent measures taken by the Central Bank of Iraq in the field of combating money laundering and terrorist financing and the adoption of international standards in money transfers.
He called on the Governor of the Central Bank of Iraq Zeljko to open a representative office in Iraq, promising him to provide the necessary support to facilitate this step because of the positive repercussions it represents on the Iraqi economy in general, and the banking sector in particular. The meeting also touched on joint cooperation in the fields of investment management, technical support and training in various fields.
It is noteworthy that JPMorgan is the largest US bank in terms of financial assets, with assets amounting to about $4 trillion.
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