Arab Monetary Fund: Cooperation with the Association of Iraqi private banks will be bigger in the future

5th November, 2018

The Arab Monetary Fund (AMF) said in its first visit to Iraq in 30 years that its cooperation with the Association of Iraqi Private Banks will be "bigger" in the future, pointing out the multiplicity of reasons for the low financial coverage in the Arab countries, considering that Iraq is ready to launch in the field of financial inclusion

"The Arab Monetary Fund visited Baghdad at the head of a mission that includes a number of institutions such as the World Bank, the German Development Agency and the Global Alliance for Financial Inclusion," said Abdul Rahman Al-Humaidi, head of the IMF's board of directors. Technical assistance in the area of ​​financial inclusion, and we are happy to work with the Central Bank of Iraq, "noting that" the Governor of the Central Bank Ali Al-Aal wise leadership and an important role in the subject of financial inclusion

Al-Humaidi added that "the visit of the Arab Monetary Fund to Baghdad is the first since 1988, and henceforth the Fund will work with the other Arab financial institutions with Iraq and will do its part as required." He pointed out that "the Central Bank of Iraq has a comprehensive view of the project of financial inclusion

The Chairman of the Board of Directors of the Fund, "The purpose of the visit and meeting with the concerned parties, is to draw a general framework for financial coverage and then submitted to the Central Bank of Iraq, and then the development of indicators for progress, and will be a report is submitted and then ends, but there will be visits and reports To continue and work side by side with the Iraqi authorities to implement what will come in the issue of financial inclusion, and we look forward in the coming years to announce what we have reached by this technical aid

And Al-Humaidi that "Iraq has the most important infrastructure of human resources, because the Iraqi talents are known at the Arab and global levels in the financial and banking, and this is more important than other infrastructure and able to build the structures that lack it," pointing out that "Iraq is ready to launch in The scope of financial inclusion and does not lack anything in this regard

Al-Humaidi explained that "the percentage of financial coverage in the Arab regions according to a report prepared by international institutions is 12%, but the Arab Monetary Fund designed a survey distributed to the Arab countries consists of 5 main components, and after the survey results will be announced, and I expect the results This questionnaire is different from the results announced by international institutions as a general questionnaire that did not specialize in Arab countries, in contrast to the Arab Monetary Fund survey

Al-Humaidi pointed out that "the reasons for the low percentage of financial coverage in the Arab countries are due to various reasons, including that the financial sector in the Arab countries is incomplete, but located in these countries is the banking sector only, and the rest of the components of the financial sector is in the process of growth, Such as insurance companies, financial leasing companies and insurance companies, and therefore can not achieve a high financial coverage without the rest of the components of the financial sector, in addition to access to finance and I think it is a matter that needs to use modern financial techniques

Al-Humaidi said that "on the sidelines of the meetings, we met with a number of Iraqi private banks and found that they are ready to launch and have the ability and desire," but I thank the Association of Iraqi private banks, which had a major role in this visit and honored the team of the Association and visited its headquarters and understand them the nature of their work and their role In the Iraqi economy, and cooperation with the Association of Banks in the future will be the largest and greater role of Arab banks in the Arab, regional and international groups

Al-Hamidi pointed out that "the Arab Monetary Fund is optimistic about the growth of the non-oil sector in Iraq in the coming year and the years that follow

"We are honored to come to Iraq after these years and I can assure you that it will not be the last, but multiple visits each year through other initiatives and workshops and technical assistance in the areas of economic and capacity building and participation in conferences and accommodation," Al-Humaidi told Al-Iktissad News. High-level meetings


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