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Association of Private Banks: Iraq is committed to combating money laundering and the banking sector is growing at rapid pace
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[rtl]Baghdad / NINA / The Iraqi Private Banks Association confirmed that Iraq is one of the countries committed to the file of combating money laundering and terrorist financing, according to what was announced by the Financial Action Task Force for the Middle East and North Africa (Mini-FATF), which is an indicator on which all countries depend, while it praised the “The role of the Central Bank and the Iraqi judiciary in maintaining Iraq’s global classification among the countries committed to combating money laundering and terrorist financing.”
The head of the association, Wadih Al-Handal, said during his participation in the Arab-Turkish summit in Istanbul, which discussed the Iraqi development path, that “Iraq’s policy is focused on economic openness.” On all countries, to build a network of strong economic relations, and attract foreign investments in infrastructure development.”
He added, “Bilateral relations between Iraq and Turkey are going through their golden age, as trade exchange reached 20 billion dollars last year, and cooperation is great between Iraqi and Turkish companies in Implementing strategic projects inside Iraq,” indicating that “the visit of Turkish President Recep Tayyip Erdogan, last month to Iraq, will have a positive impact on the Arab region, starting with the Development Road Project.”
He stressed, “The Iraqi Development Road Project is one of the projects that will transform the shape of Transporting goods between East Asian countries and Europe, because it will contribute to shortening the time on the ship departing from the port of Al-Faw to Europe by fifteen days compared to other transport lines, as well as reducing the cost in terms of insurance and transportation fees, which will reflect positively on the final price of the goods, in addition to The project will provide more than 100,000 direct job opportunities with the establishment of large factories inside the country.”
He explained, "The development road will link the countries of China, India, the Emirates, Qatar, Iraq, and Turkey, all the way to Britain, through rail and land lines to transport goods and people. It is the leading project in the region currently, as it will contribute to transporting fifteen million passengers annually and more than 22 million tons of goods." It will cost seventeen billion dollars, with revenues for Iraq amounting to about 5 billion dollars annually. Al-Handal
called on He stressed that "the private banking sector is progressing rapidly in growth, despite the great challenges surrounding it, and that some banks that faced difficulties in dealing in the dollar continue to work in other currencies, in implementing the aspirations of their customers, in addition to increasing the types of banking services, which is reflected in "Positively contributes to the sector's work in increasing the rate of financial inclusion." He continued to say, “The monetary policy, led by the Central Bank of Iraq, during the current stage, has worked very successfully, contributing to reducing inflation from 7.5% to 3.8%,” noting that “Iraq’s foreign currency reserves have reached more than 111 billion dollars.” And gold: 145.6 tons, which makes it ranked fifth in the Arab world.
“Handal praised the efforts of the Union of Arab Banks,” praising the two-day Arab-Turkish summit, hoping to come up with urgent decisions that contribute to changing the face of the region economically and bring hope to our people, who are suffering from the effects of inflation, high prices, and the migration of foreign investors./End 5
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The head of the association, Wadih Al-Handal, said during his participation in the Arab-Turkish summit in Istanbul, which discussed the Iraqi development path, that “Iraq’s policy is focused on economic openness.” On all countries, to build a network of strong economic relations, and attract foreign investments in infrastructure development.”
He added, “Bilateral relations between Iraq and Turkey are going through their golden age, as trade exchange reached 20 billion dollars last year, and cooperation is great between Iraqi and Turkish companies in Implementing strategic projects inside Iraq,” indicating that “the visit of Turkish President Recep Tayyip Erdogan, last month to Iraq, will have a positive impact on the Arab region, starting with the Development Road Project.”
He stressed, “The Iraqi Development Road Project is one of the projects that will transform the shape of Transporting goods between East Asian countries and Europe, because it will contribute to shortening the time on the ship departing from the port of Al-Faw to Europe by fifteen days compared to other transport lines, as well as reducing the cost in terms of insurance and transportation fees, which will reflect positively on the final price of the goods, in addition to The project will provide more than 100,000 direct job opportunities with the establishment of large factories inside the country.”
He explained, "The development road will link the countries of China, India, the Emirates, Qatar, Iraq, and Turkey, all the way to Britain, through rail and land lines to transport goods and people. It is the leading project in the region currently, as it will contribute to transporting fifteen million passengers annually and more than 22 million tons of goods." It will cost seventeen billion dollars, with revenues for Iraq amounting to about 5 billion dollars annually. Al-Handal
called on He stressed that "the private banking sector is progressing rapidly in growth, despite the great challenges surrounding it, and that some banks that faced difficulties in dealing in the dollar continue to work in other currencies, in implementing the aspirations of their customers, in addition to increasing the types of banking services, which is reflected in "Positively contributes to the sector's work in increasing the rate of financial inclusion." He continued to say, “The monetary policy, led by the Central Bank of Iraq, during the current stage, has worked very successfully, contributing to reducing inflation from 7.5% to 3.8%,” noting that “Iraq’s foreign currency reserves have reached more than 111 billion dollars.” And gold: 145.6 tons, which makes it ranked fifth in the Arab world.
“Handal praised the efforts of the Union of Arab Banks,” praising the two-day Arab-Turkish summit, hoping to come up with urgent decisions that contribute to changing the face of the region economically and bring hope to our people, who are suffering from the effects of inflation, high prices, and the migration of foreign investors./End 5
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