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The banking sector in Iraq.. many failures and a real need to develop it
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Baghdad Today - Baghdad
Banking expert Nasser Al-Kanani confirmed, today, Friday (September 20, 2024), the need for Iraqi banks to have a specialized committee that works to address failures and problems in the banking sector.
Al-Kanani told Baghdad Today, "The Iraqi government's step towards forming a higher committee that aims to develop treatments for the work of banks is an important step, although it came late. There are many problems and failures in the banking sector, and this sector in Iraq is still not developed and does not keep pace with the banking development in the countries of the world."
He added, "The Iraqi government's move towards forming such a specialized high committee comes after the recent Iraqi talks in New York between the Central Bank of Iraq, the US Treasury and the US Federal Reserve, which stressed the need to develop the Iraqi banking sector."
Prime Minister Mohammed Shia Al-Sudani received today, Thursday, the head of the Private Banks Association, in the presence of a number of directors of private banks. During the meeting, he pointed out the "formation of a higher committee to develop treatments for the work of banks; to be in line with the requirements of work in the international financial arena, stressing the Central Bank's contract with Oliver Wyman Company with the aim of developing the banking and financial sector."
Al-Sudani also directed "the preparation of a draft resolution to be presented to the Council of Ministers, which includes obligating ministries to provide facilities that support the banking sector in Iraq."
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