by Rocky Tue 03 Sep 2024, 5:12 am
MM&C 9/3/24
September 2, 2024Last updated: September 2, 2024In a move that may have major repercussions on the
Iraqi banking sector, a delegation from the Central... ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏
September 2, 2024Last updated: September 2, 2024
In a move that may have major repercussions on the Iraqi banking sector, a delegation from the Central Bank of Iraq held intensive talks in New York, where it discussed strengthening understandings with the United States on external transfers and protecting the banking system from sanctions. “”While the visit was described as “productive” by experts, questions remain about the impact of this move on Iraq's financial system.””
The visit, led by the governor of the central bank, Ali Al-Alak, included discussions with the US Treasury Department, the Federal Reserve Bank, and a number of major banks such as Citi Bank and JP Morgan, as well as companies such as Visa and Mastercard. Discussions were also carried out with international audit companies such as KPMG and E&Y.
Among the highlights of the talks is the announcement of the Central Bank of Iraq's intention to cancel the electronic platform for external transfers by the end of this year. This shift is seen as a major step towards improving the transparency of the Iraqi financial system and enhancing its ability to integrate with the global banking system. However, there are divergent opinions on this shift.
Questions about effects
Recent understandings with the United States appear to be an opportunity to strengthen the Iraqi banking system, but there are concerns about the impact of this shift on the stability of the financial sector. Financial and banking expert Mustafa Akram Hantoush confirmed that the discussions dealt with correcting the situation of punishing Iraqi banks and working to open accounts with correspondent banks. But what is the impact of this on private banks that suffer from restrictions?
On the other hand, economist Nabil Jabbar Al-Tamimi believes that this step may open the way for significant banking improvements, but it requires careful implementation and effective communication with international partners. There is also concern that there will be unexpected obstacles in the implementation of the understandings, which could hinder the central bank's ambitious plans.
Criticisms and Challenges
Despite the credits for the achievements of the central bank, there are those who criticize the way these transformations are dealt with. Some voices criticize the way foreign transfer negotiations are being conducted, noting that some Iraqi banks may have difficulty adapting to new requirements. There are also questions about how the Iraqi banking system is dealing with the challenges ahead that may arise as a result of these shifts.
At the same time, “”some observers believe that this step may be an attempt by the Central Bank to emphasize Iraq's seriousness in its commitment to international standards, “”which strengthens confidence in the Iraqi financial system”” and allows it to expand its international relations.””
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There is no sign of them backing away from the plan Al-Sudani and Al-Alaq and some of the largest entities in the world have set out to accomplish!
The questions pertaining to the impact of what is coming would be normal for concern, as the plan requires Iraq to make a major change to her exchange rate. Imo I would say that Iraq and with the likes of Ernst & Young and KPMG working side by side with the UST and the US Federal Reserve Bank have had plenty of time to review their options..
They’ll know by now the best course of actions to take. Is the economic impact going to rock the world? I would likely think so and in a REER way!! With all this attention in the news!! Big change is coming and imo quickly too.. ~ MM | | | |
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