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What if other banks follow suit?
Economical 06/05/2024
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Hussein Thaghb
Economic advancement requires a set of data that will take it to safety and achieve the set goals on time. The process of economic development requires a series of interconnected episodes that complement each other during known times. This mechanism cannot be maintained unless there are elements that represent the raw material for new production.
The financial sector here can be described as the cornerstone of the economic development process sought by the country that is described as rich among the countries of the world, especially since one of the specialized centers placed Iraq first among the rich countries of the world, as it was ranked first by the volume of wealth per square kilometer relative to the number of inhabitants, and Here we can evaluate the country's economic importance.
Today, when we look forward to employing the amount of wealth in a way that creates true sustainable development and preserves the rights of future generations, it is necessary to create an effective and sound banking system that takes into account the movement of money globally and complies with all legal paths that govern the movement of money within the globe, and this is something we are close to, as she pointed out. International reports indicate that Iraq is in an acceptable situation.
In the country, the matter requires more clarity and rapprochement from the Central Bank of Iraq with the banking system, which has begun to fear the expected sanctions, especially since there are those who say that there are sanctions that will affect new banks in the coming days, at a time when the Central Bank and the Association of Banks, the sectoral body responsible for private banks, announced that efforts are directed To cancel the sanctions imposed on banks that began a year ago.
In an atmosphere like this, banks continued to work to increase their capital and develop their technological systems in accordance with what is internationally approved to strengthen the financial system in Iraq. News like this comes circulating here and there. The relevant official and sectoral authorities must come closer to clarify the facts of the matter and preserve the banks that are actually working to develop their performance. It aspires to serve the national economy, and has national motives to serve Iraq, not exclusively personal interests.
Iraq is one of the most important labor markets in the world and the focus of attention of major international companies and international economic organizations. This requires us to reflect an ideal image of the country, starting with the financial sector in particular, which is the reflecting mirror of any economy, and as long as we are on the cusp of a new phase to achieve... For economic advancement, we must and inevitably have an effective banking system that is far from all forms of disruptions that expose it to unnecessary shocks.
The most important role of the Iraqi Central Bank is to protect the quality of the Iraqi banking system, confront any rumors that confuse performance, reassure its children of the banks that actually serve the national economy, and address banks that do not have development goals that support the development trends in the country.
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