Saudi - Iraqi steps to promote banking cooperation

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Saudi - Iraqi steps to promote banking cooperation

Post  Admin on Tue Sep 26, 2017 5:59 am

Economy News _ Baghdad

The concerned circles rely heavily on the development of economic, financial and banking relations between Saudi Arabia and Iraq for their positive reflection on the relations with the Gulf countries in general. It also serves the Iraqi economy and its active sectors in the field of investment and finance, as well as the positive impact that these relations can have on the performance of Iraqi banks for the best. Taking advantage of the expertise enjoyed by Gulf financial and banking institutions.

The meeting in Baghdad recently between the President of the Association of Iraqi Private Banks Wadih al-Hantal and the Deputy Governor of the Saudi Arabian Monetary Agency, Fahd bin Ibrahim Al-Shathri, considered a qualitative beginning of cooperation between the concerned institutions in the two brotherly countries, which would constitute a gateway to a course of action. To promote opportunities for partnership between different economic sectors, especially banking.

Al-Hantal discussed with al-Shathri in their meeting in Baghdad recently the issues of cooperation between Iraqi government and private banks and their counterparts in Saudi Arabia, especially in the areas of compliance requirements and credit risks. The two sides agreed to hold a meeting in New York on October 16 on the sidelines of the Arab Banks Union conference to continue their research on the prospects of banking cooperation between the two countries.

Al-Shathri expressed the Kingdom's desire to enhance banking cooperation with Iraq and develop it in the framework of cooperation in various economic, financial and trade fields. In turn, Al-Hantal stressed that banking cooperation between the two countries will provide more employment opportunities for traders and investors in both countries.

"The growing role of Iraqi banking institutions in the current period requires opening up to Arab brothers, especially those countries that have seen significant growth in their banking activities and expanded their organizational structure in line with the global development of the sector," he said, noting that brothers in the Kingdom or other Gulf countries, Expressed in their meetings the desire to contribute to the activation of bilateral relations in order to provide the best banking products, and adopt the techniques adopted by regional and international banks. The banking community pointed out that any success achieved in this area serves the government program which includes the restructuring of the Iraqi public and private banking sector for its importance in the implementation of development programs.

Experts have talked about the expected activity of the Iraqi banking sector in the field of activating the economic movement in the country during the next phase, imposed by the challenges related to Iraq's current fight against terrorism and the reconstruction of areas and cities liberated and need funds to be secured. The importance of Iraqi banks in the investment of the regional environment to support the economic activity in Iraq is highlighted here, as there are many investment opportunities in different sectors will be the share of the private sector and financial arm. Experts find that the vision in the way to support the private banking sector is to initiate the issuance of legislation and laws that contribute to give a prominent role of banks in the implementation of development programs.

"The meetings that took place in Baghdad between the Saudi brothers and the Iraqi banking sector, both governmental and private, helped to chart a road map for developing relations in foreign banking transactions and encouraging investment companies to implement," Samir al-Nusairi, an economist, told Al-Hayat newspaper in London. Projects in Iraq, especially that the Iraqi economy is in transition important task requires extraordinary efforts to reconstruct the liberated areas, which requires the closure of the crisis stage to the stage of security and economic stability, especially after the opening of international and regional and vinegar Ing the broad Arab Iraq and the start of building a new political, economic and security relations, which have grown at the beginning of the second half of the year. "

Al-Nasiri suggested that "the Central Bank of Iraq and the Association of Iraqi Private Banks will prepare detailed plans and programs for joint banking cooperation in areas that promote foreign banking transactions and develop and develop them, in addition to encouraging investment and capacity building and qualifying Iraqi banking cadres. He pointed out the necessity of naming representatives of the Iraqi side in joint committees And the naming of the economic, technical and banking sub-committees of the government and the private sector and direct mutual visits to develop and prepare the detailed cooperation rules and policies for signing it. By the Joint High Committees, stressing the need to develop a plan for economic and banking cooperation for a period of 5 years that the Central Bank of Iraq and the Association of Iraqi private banks to implement it.


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