US banks are considering the mechanism of working with Iraqi banks
US banks are considering the mechanism of working with Iraqi banks
2017-10-19 at 11:02 (Baghdad time)
Baghdad Mawazine News
An Iraqi banking delegation discussed with a number of banks and financial institutions operating in the United States of America opportunities for cooperation between the two parties.
“A delegation of 17 private banks, Rafidain and industrial banks and the executive director of the Association of Private Banks Ali Tarek and a number of the Association’s advisors held a meeting at the American Center for Strategic Studies in Washington, DC, with an American delegation,” the Association of Iraqi Private Banks said in a statement. The US Treasury, the American banks, the OPEC Foundation, American financial institutions and a number of employees of the US Embassy. During the meeting, they discussed the Iraqi economy and the challenges facing it.
The Association said that “the meeting discussed the development in the Iraqi banking sector, especially in the past five years and strengthen cooperation with Arab and foreign banks, in addition to plans for the reconstruction of liberated areas and development in the oil sector.”
For his part, said the representative of the Center for Strategic Studies, the US Dan Randy, who chaired the session, that “the global media reflected a negative image of Iraq over the past years, which significantly affected the entry of foreign companies to work in Iraq,” noting that “the Iraqi market contains a great positives and opportunity Great for investors to work in. ”
On the other hand, the Executive Director of the Association of Private Banks, Ali Tariq, explained to the American delegation “the development witnessed by the Iraqi banking sector and the challenges facing during the current period.” According to the statement.
“Despite the general conditions of the country, the work of banks is constantly evolving and we seek to reduce the use of cash in life transactions through projects operated by the Association of Iraqi private banks in cooperation with the Central Bank, such as the project of financial inclusion and the settlement of salaries.”
He pointed out that “private banks are working hard to be balanced share with government banks through deposits and through the issuance of decisions to stimulate government departments to deal with private banks,” noting that “Iraqi banks implement the law on combating money laundering and terrorism and instructions on compliance and risk management “He said.
“The US banks now have greater confidence in the Iraqi banks, especially after the positive steps taken by the Central Bank of Iraq to fight money laundering and punish violators,” said Denis Flannery, a Middle East official at Citibank.
He pointed out that “US banks are studying the mechanism of working with Iraqi banks and projects that provide them with a smooth work.”
The Association of Iraqi Private Banks decided to “continue to hold periodic meetings with the US Treasury and foreign banks, specifically the US with the establishment of an annual forum between Iraqi and American banks.”
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