Iraqi banking sector strengthens its position in the Arab and international arenas

Experts felt that three Iraqi banks between 100 and considered one of the largest banks in the Arab countries, according to the assets shown by last year's accounts, the index that Iraq has started to take its real on the Arab and international banking arena, especially as the banking sector is one of the oldest sectors in the region.

And synchronization of the selection of Iraqi banks, which was announced by the Secretary General of the Union of Arab Banks and Sam Fattouh, with the Bank of issuance (Ashur International) for the first time for the Iraqi banks final data in accordance with the disclosure standards of the International Financial Reporting (IFRS) and audited by the company (Ernst & Young), and meets this step CBI requirements and external data users.

The head of the Iraqi private banks association Wadih Handal in a press statement, the existence of "a need for any move by the Central Bank of Iraq to examine the reality of banks and analysis, whether governmental or private through a review and evaluation and classification, based on the financial statements and the results of its operations for the year 2015".

He pointed out that "the Central Bank of Iraq's keenness to adopt the calendar indications are clear and based on international standards Camels, and commissioning work specializes in financial analysis team and determine the efficiency of banks performance standards in the areas of banking activity." He believed that "the banking sector, in the light of attempts to fix it and there is an international and independent team, especially that the memorandum signed with the World Bank, which addressed the restructuring of the banking sector, discussed the steps to be followed for the development of performance."

Handal stressed that "the adoption of the world's leading companies in the field of financial audit issued financial statements, the implications for the sector of the Iraqi banking, refers to the credibility and transparency of this data."

It was among the bank confirmed the need for a comprehensive approach to reform of the economic and banking, the adoption of the structural and institutional reconstruction of the economy calendar, and the formation of the Supreme Council for Economic Affairs and the involvement of the banking private sector in the economic and banking decision-making, as well as a reassessment of private banks and classified, according to the international standards of performance and support banks efficiency own, develop, and achieve financial stability and inclusion. And it called for the amendment of banking legislation, to promote the reality bank account.

The first agreement between the Council of the Federal Reserve and the US Treasury on the one hand and the Central Bank of Iraq, on the other hand, concluded late last year to monitor the dollar remittances and ensure the prevention of access to illicit destinations.




Also it included the cooperation, coordination and exchange of information and financial data relating to the sale of foreign currency and circulation.




It also introduced the CBI global standards approved by the international auditing firm for the classification of financial and banking institutions, such as making sure tax farming requirements to comply with the law against money laundering and terrorist financing for 2015.


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