by Rocky Sat 06 Apr 2024, 1:47 pm
Advisor to the Iraqi Private Banks Association, Samir Al-NusairiBaghdadAdvisor to the Iraqi Private Banks Association, Samir Al-Nusairi, expected, on ... ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏
Advisor to the Iraqi Private Banks Association, Samir Al-Nusairi
Baghdad
Advisor to the Iraqi Private Banks Association, Samir Al-Nusairi, expected, on Saturday, that the success of the file of negotiations regarding US restrictions on 28 private banks with the US Treasury in Washington will contribute to protecting the Iraqi banking system from damage and collapse.
Al-Nusairi said in an interview with Al-News, “We are only a few days away from the expected meeting of the Prime Minister with the American President and the American administration, which makes it very important, in this critical and complex stage that the banking system is going through, that the agenda includes meetings and negotiations with the leaders of the American administration.” The Treasury Department and the US Federal Reserve call for determining the next and clear paths for bilateral economic relations between the two countries, which have broad relations in all fields.”
He explained, "One of the important files that will be included in the discussions, with the participation of the Central Bank and the Iraqi Private Banks Association, is the issue of financial and banking reform and protecting the Iraqi banking sector from collapse after the issuance of sanctions and restrictions by depriving 50% of the total private banking sector from dealing in the US dollar, which is the main foreign currency for banking and commercial transactions." In Iraq and international banking relations a long time ago.”
He pointed out that "the inputs and outputs of this important visit must convince the American side to reconsider the sanctions and restrictions imposed, especially since all the affected banks are currently subject to audit by K2 International, and this confirms the good faith of the banks that the reasons for the deprivation of dealing in the US dollar were not serious and intentional mistakes."
He continued, "The importance of restoring activity and protecting the private banking system and ensuring the results of its work comes through the electronic platform for the year 2023, which has confirmed its safety and transparency."
Al-Nusairi concluded his speech by saying, “Failure to reach quick solutions to this issue will lead to confusion in the commercial and banking market and will affect ration card supplies, which are the primary food source for a large segment of the Iraqi people, and weaken the plans and procedures of the Central Bank and the government in financial and banking reform, and the lack of control over the stability of the exchange rate of the Iraqi dinar.” And the national economy was damaged.”
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The banking files that will be on the table in Washington will have a signficant impact on Iraqs reforms if not settled with postive results. There is reputational risk where it comes from having insecurity in the banking and financial industries. Al-Nusairi talks of there were not serious and intentional mistakes. He is effectively down playing that there is any significant, purposeful and or intentional mistakes mde by the 28 banks..
There will likely need to be some serious assurances that the 28 banks are to be working through the electronic paltform for them to regain a postive postition in the commercial and banking markets. So, lets see if they can get quick solutions to these files. I have the feeling there will be. imo ~ MM | | | |
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