A Bank delegation looking into dealings with World Bank development Washington amid o

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A Bank delegation looking into dealings with World Bank development Washington amid optimism the Treasury

2017/10/21 (00:01 pm)


Range/zahraa Al Jassim

At the time the US Treasury show in meetings with Iraqi banking sector optimism towards open relations between the Iraqi and us banks, and sees Iraqi bankers, the position of the banking sector improved in General, especially after the war on terror and money laundering Act legislation and financing Terrorism, but according to expert in regard to these statements only being a "waste of time", the US side has not shown up on how to help the Iraqi banking sector or developed to cope with modernity in banking transactions, and Iraqi banks prompted a reassessment of work to raise Creditworthiness, the banking sector since 2003 are great for financing foreign trade and foreign investment, most of it has cooperated with foreign correspondent banks.

Currently visiting Iraqi bank delegation consisting of 17 private banks and Government banks, Rafidain Bank and industrial delegation, several meetings with us Treasury and us banks and financial institutions-us OPEC Foundation and the number of employees at the American Embassy, during the meeting was discussing the economy Iraq and the challenges facing him, with opportunities for cooperation between the parties in order to develop a direct deal between Iraqi and us banks.

As representative of the American Strategic Studies Centre confirms Dan Randy who March events, global media reverse negative image of Iraq through the years which impact heavily on the entry of foreign companies to work in Iraq, noting at the time that the Iraqi market contains great positives and chance Great for investors to work. "

, Says the Middle East official in Citibank Dennis Flannery: "us banks now have greater reassurance to Iraqi banks, especially after the CBI positive steps to combat money laundering and punish violators," adding: us banks are also taught to work. With Iraqi banks and projects that provide smooth work.

The US Treasury announced Friday in a statement I got (range), a copy of the Treasury Secretary for terrorist financing and financial crimes, Marshall belnkslia, after meeting with the Iraqi delegation in Washington, the US Treasury pays great attention to developing the Iraqi banking sector, We are optimistic about open relationships among Iraqi banks and American banks, and aspires to be a larger role for this sector in the near future, so that the Treasury did not set red lines on such transactions.

In turn the Iraqi private banks Association said in a statement its got (range), to consider progress in meeting the Iraqi banking sector, especially in the last five years and promote cooperation with banks Arabic and his sides in addition to the planned reconstruction of the liberated areas And development in the oil sector, said the Executive Director of the Association of private banks, to Gibraltar in the statement: the US delegation praised the evolution of the Iraqi banking sector despite challenges during the current period, adding: that despite the General country conditions that banks in evolution Continuously striving to reduce the use of cash in transactions of life across projects you are working on the Iraqi private banks Association in cooperation with the Iraqi Central Bank, through the draft financial inclusion and localize salaries. "

Tarak stressed: that private banks strive to be balanced share with State banks through deposits through decisions that stimulate government departments to deal with private banks ", noting that" Iraqi banks implement the money laundering Act of terrorism and special instructions Compliance and risk management ".

Officials in the Iraqi banking sector, is expected to continue setting up periodic meetings between Iraqi banks and the US Treasury on the one hand and between them and us and foreign banks and specifically through the establishment of an annual forum between the Iraqi and American banks.

But despite repeated encounters between American and Iraqi officials of both sides in the banking sector still suffers from backwardness evident in banking transactions with dimension of mechanization, where this still system supports the old mechanisms, generating slow execution of banking transactions with Citizens, especially in State banks as rational and Mesopotamia.

To see the expert in Economic Affairs Ahmed barihy in the interview for "(how), that all I ever talk about by officials in American financial institutions is only" establishment "as they did not show up today, how to help the Iraqi banking sector to cope with modernity in banking transactions, or how Developed and in what areas, adding: on the other hand it has been there should be specific demands for Iraqi banks in this delegation, because according to the foregoing, we found no explanation from either the Iraqi banking delegation or of us financial actors gathered with him, which is a "waste of time" "

He said: it's been to Iraq 14 years after 2003 and its banking sector is large missions in financing foreign trade and foreign investment, but the US side did not help us to develop the banks in this direction, so that the Iraqi banks did not receive any assistance from us banks, which have The latter have ready to cooperate with Iraqi banks and us banks have correspondent banks for Iraqi banks, a point that has not been working out so far.

Barihy continued: with that earlier decision issued by the Ministry of Finance has borne all indebtedness of the Rafidain Bank, we need to work to eliminate the issue of fear of debt, because there is a problem in assessing the Iraqi banks because foreign banks the ulema of dealing with them, so you must claim Reassess to make Iraqi banks to raise creditworthiness by specialized agencies, we have under that joint action with the messaging banks be a mediator between the Iraqi bank, as traders stocked Iraqis abroad, here it should open the Iraqi bank account at that Bank.

Reporter to deal with, and is not formatted in most Iraqi banks and governmental ones yet.

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