Report: New phase of financial cooperation
between Saudi Arabia and Iraq

The Saudi-Iraqi relations have entered into a new stage of financial cooperation after the Iraqi Commercial Bank was allowed to open a branch in Saudi Arabia in a step described by a Saudi official as strengthening the Iraqi financial structure and contributing to the stability of prices before the situation. Current geopolitical situation, taking advantage of the advantages of the fourth best banking system after Canada, Australia and Singapore.
Al-Sharq Al-Awsat newspaper quoted Talaat Hafez, Secretary General of the Committee for Information and Banking Awareness and the official spokesman of the Saudi banks, as saying that approving the license for the Iraqi Trade Bank to open a branch in the Kingdom would be beneficial to the State of Iraq, the Iraqi Bank and the Saudi banking sector, .

Hafiz added that the bank’s entry into the Saudi market will achieve several positive advantages for the Iraqi banking system in the first place. The Saudi banking environment is considered one of the best banking environments at the Arab, regional and international levels in terms of strength, Banking Payment Systems.

He noted that under Fitch’s global rating, the Saudi banking sector was the fourth best banking system in the world, after Canada, Australia and Singapore, meaning that the Iraqi banking system through the presence of the Iraqi Commercial Bank in the Saudi market would benefit from a financial environment Banking.

Article Credit: https://wwasnews.com/
Special Thanks to Charles Bright
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