Al-Alaq: Forming a committee with the Ministry of Treasury and the Federal Bank to address and corre

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[size=52]Al-Alaq: Forming a committee with the Ministry of Treasury and the Federal Bank to address and correct violations of the sanctioned banks[/size]

[size=45]The Governor of the Central Bank, Ali Al-Alaq, revealed the agreement, during Prime Minister Muhammad Shia Al-Sudani’s current visit to Washington, with the Ministry of Treasury and the Federal Bank to form a committee to address and correct the violations of the sanctioned banks, while he stressed the praise of both parties for the Central Bank’s procedures to get rid of the old system in the financial transfer file, which was resolved. 80% of them indicated that there was American and international optimism regarding the government’s measures in the economic and investment files, pointing out at the same time that an international company had developed a road map to develop bank departments and improve their work technically.[/size]
[size=45]Al-Alaq said, “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 and the Federal Reserve Bank in order to translate... Intentions and initial approvals, we will develop a road map to deal with this issue and determine the required procedures.”[/size]
[size=45]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 against the banks and determine the corrective action required to be The banks are in good and proper condition.”[/size]
[size=45]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.”[/size]
[size=45]He stated, “It is very clear, in light of the ongoing relationship with the Ministry of the Treasury and the Federal Bank and reviewing the 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%.”[/size]
[size=45]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.[/size]
[size=45]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.”[/size]
[size=45]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 the banking 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. This plan receives the Prime Minister’s attention and follow-up. Because it requires the will of the government.”[/size]
[size=45]The Governor of the Central Bank continued, “For necessities related to Iraq having an ongoing relationship with the International Monetary Fund within a specific program for the purpose of giving positive signals to global financial institutions, given that the International Monetary Fund is more like an auditor of countries’ economies, we submitted a letter at the end of last month to the Fund’s management of Iraq’s desire to Entering a non-financing program, meaning that we do not need to borrow, but within the framework of coordination, technical and advisory support, and entering into a plan that is in keeping with and harmonious with the government’s plan for economic reform. We received an answer from the Director General of the Fund, and it was very welcoming to enter into this program.”[/size]
[size=45]He concluded by saying: “In light of this, and in these meetings, we have begun to enter into the details of the program plan and procedures that will be present soon through a delegation that will visit Iraq.”[/size]
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