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[size=52]Al-Alaq confirms the formation of a committee between Baghdad and Washington regarding sanctions on some banks[/size]
- April 18 22:22
- 2 Shares
Information / Baghdad...
On Thursday, Central Bank Governor Ali Al-Alaq revealed the agreement, during Prime Minister Muhammad Shia Al-Sudani’s current visit to Washington, with the Ministry of the Treasury and the Federal Bank to form a committee to address and correct the violations of the sanctioned banks.
Al-Alaq told state television and its follow-up “Al-Ma’louma” that, “The issue of the US Treasury’s sanctions on Iraqi banks was discussed during the visit of Prime Minister Muhammad Shia Al-Sudani to Washington by the Prime Minister and his accompanying delegation, and following the initial meetings that took place, an expanded meeting was held with the US Treasury.” The Federal Reserve Bank is in order to translate the intentions and initial approvals, develop a road map for dealing with this issue, and determine the required procedures.”
He added, "The issue was discussed in detail and we agreed to form a team of the three parties (the Central Bank of Iraq, the US Department of the Treasury, and the US Federal Bank), and we are reviewing reports from various audit sources to determine the nature of each violation committed by the banks and determine the corrective action required to be The banks are in good and proper condition.”
He continued, "Therefore, we will begin this plan through joint work to reach final results related to a report regarding the status of each of the banks that have been sanctioned," noting that "the atmosphere of dialogues and discussions is very positive."
He stated, “It is very clear, in light of the ongoing relationship with the Ministry of the Treasury and the Federal Bank and reviewing developments related to the measures taken, that there was great praise for Iraq’s measures, and the Undersecretary of the Ministry of the Treasury confirmed during his meeting with the Prime Minister that what the Central Bank did in the framework of financial transfers during the period The completion of 80% of transferring these transfers directly from the old system of correspondent banks deserves to be celebrated, and this gives an important indication that there are steps taking place steadily, and they expect that we will end the traditional method of transferring through the Central Bank and the Federal Bank and that the relationship will be direct between Local banks and correspondent banks by the end of the current year, which represent the remaining 20%.”
He pointed out, “There is a positive outlook and praise from everyone, both inside and outside the United States, for the government’s measures related to the economic file, and optimism about achieving an economic and investment renaissance that advances several sectors, including infrastructure and services provided to citizens, and the financial and banking sector is part of this process, and as it expands, its role expands.” We have seen interest from international financial institutions and banks in holding meetings with us to follow up on existing conditions with the aim of expanding their activity and operations because there is a great opportunity for the scope of work to expand and the entry of these institutions into Iraq.
Al-Alaq confirmed, “On the basis of this, we held continuous meetings with important international banks that expressed their desire and willingness to work, cooperate and coordinate within the framework of financial relations with Iraq.”
He explained, "The financial and banking reform plan adopted by the government attracted the attention of international institutions, especially since it initially included government banks, which constitute 80% of the Iraqi banking sector, as questions were raised about this plan, which aims to transfer it to the level of international banks."
He stated that “there is a plan that has been drawn up and an international company is drawing a road map and the procedures applied, and there are initial approvals and signals from some important banks in the region to enter as a strategic partner because we need to develop bank departments and significantly raise their technical and artistic level in order to gain global acceptance and make their way correctly, as the Most government banks do not have channels with international banks and international institutions, and this must be addressed, and this plan receives the attention and follow-up of the Prime Minister because it requires the will of the government.” Ended 25 n
[You must be registered and logged in to see this link.]
On Thursday, Central Bank Governor Ali Al-Alaq revealed the agreement, during Prime Minister Muhammad Shia Al-Sudani’s current visit to Washington, with the Ministry of the Treasury and the Federal Bank to form a committee to address and correct the violations of the sanctioned banks.
Al-Alaq told state television and its follow-up “Al-Ma’louma” that, “The issue of the US Treasury’s sanctions on Iraqi banks was discussed during the visit of Prime Minister Muhammad Shia Al-Sudani to Washington by the Prime Minister and his accompanying delegation, and following the initial meetings that took place, an expanded meeting was held with the US Treasury.” The Federal Reserve Bank is in order to translate the intentions and initial approvals, develop a road map for dealing with this issue, and determine the required procedures.”
He added, "The issue was discussed in detail and we agreed to form a team of the three parties (the Central Bank of Iraq, the US Department of the Treasury, and the US Federal Bank), and we are reviewing reports from various audit sources to determine the nature of each violation committed by the banks and determine the corrective action required to be The banks are in good and proper condition.”
He continued, "Therefore, we will begin this plan through joint work to reach final results related to a report regarding the status of each of the banks that have been sanctioned," noting that "the atmosphere of dialogues and discussions is very positive."
He stated, “It is very clear, in light of the ongoing relationship with the Ministry of the Treasury and the Federal Bank and reviewing developments related to the measures taken, that there was great praise for Iraq’s measures, and the Undersecretary of the Ministry of the Treasury confirmed during his meeting with the Prime Minister that what the Central Bank did in the framework of financial transfers during the period The completion of 80% of transferring these transfers directly from the old system of correspondent banks deserves to be celebrated, and this gives an important indication that there are steps taking place steadily, and they expect that we will end the traditional method of transferring through the Central Bank and the Federal Bank and that the relationship will be direct between Local banks and correspondent banks by the end of the current year, which represent the remaining 20%.”
He pointed out, “There is a positive outlook and praise from everyone, both inside and outside the United States, for the government’s measures related to the economic file, and optimism about achieving an economic and investment renaissance that advances several sectors, including infrastructure and services provided to citizens, and the financial and banking sector is part of this process, and as it expands, its role expands.” We have seen interest from international financial institutions and banks in holding meetings with us to follow up on existing conditions with the aim of expanding their activity and operations because there is a great opportunity for the scope of work to expand and the entry of these institutions into Iraq.
Al-Alaq confirmed, “On the basis of this, we held continuous meetings with important international banks that expressed their desire and willingness to work, cooperate and coordinate within the framework of financial relations with Iraq.”
He explained, "The financial and banking reform plan adopted by the government attracted the attention of international institutions, especially since it initially included government banks, which constitute 80% of the Iraqi banking sector, as questions were raised about this plan, which aims to transfer it to the level of international banks."
He stated that “there is a plan that has been drawn up and an international company is drawing a road map and the procedures applied, and there are initial approvals and signals from some important banks in the region to enter as a strategic partner because we need to develop bank departments and significantly raise their technical and artistic level in order to gain global acceptance and make their way correctly, as the Most government banks do not have channels with international banks and international institutions, and this must be addressed, and this plan receives the attention and follow-up of the Prime Minister because it requires the will of the government.” Ended 25 n
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