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.
The Association of Iraqi Private Banks said in a press statement that “a delegation of 17 private banks, Rafidain Bank, industrial and executive director of the Association of Private Banks Ali Tariq and a number of advisers of the Association held a meeting at the Center for Strategic Studies in Washington with a US delegation including the US Treasury and US banks and OPEC And American financial institutions and a number of employees at the US Embassy and were during the meeting discussed the economy of Iraq and the challenges facing it.
She added 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.”
“The global media has reflected a negative image of Iraq over the past years, which has greatly affected the entry of foreign companies to work in Iraq,” said the representative of the Center for Strategic Studies, Dan Randy, who chaired the session. “The Iraqi market contains great positives and a great opportunity for investors to work. in it”.
On the other hand, the Executive Director of the Association of Private Banks, Ali Tariq, explained to the American delegation the development of the Iraqi banking sector and the challenges facing the current period.
“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 added that “private banks are working hard to be a 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” .
“The US banks now have greater confidence in the Iraqi banks, especially after the positive steps taken by the Central Bank of Iraq to combat money laundering and punish violators,” said Bank of Dubai bank chief Dennis Flanery.
He added that “US banks are considering the mechanism of working with Iraqi banks and projects that provide them with a streamlined work.”
The Association of Iraqi Private Banks decided to continue holding periodic meetings with the US Treasury and foreign banks, specifically the US, with the establishment of an annual forum between Iraqi and American banks.