Economy News – Baghdad

The Association of Iraqi Private Banks organized a panel discussion to discuss the latest developments in the banking sector in Iraq, including deprived banks and fines imposed by the Central Bank, in the presence of the Governor of the Central Bank of Iraq, Ali Al-Alak, and representatives of banks and electronic payment companies.

At the beginning of the session, the President of the Association of Iraqi Private Banks, Wadih Al-Hanzal, welcomed the governors and participants, stressing the importance of joint cooperation between the Central Bank, banks and electronic payment companies to enhance financial stability and develop the banking system, according to the latest international standards.

Al-Hansal said that the Special Committee to Assist the Disadvantaged Banks formed in the Economic Ministerial Council demanded the need to help deprived banks and stop the fines on them, because they are going through difficult circumstances, which everyone knows, indicating that deprived banks work daily to apply international financial requirements, and are exposed to daily fines, calling for stopping these fines and reviewing them by the Central Bank of Iraq.

For his part, the Governor of the Central Bank, Ali Al-Alak, touched on the Central Bank’s procedures related to banks deprived of the use of the dollar, pointing out that there are signs of optimism in the discussions with the American side on this file.

He stressed that the Central Bank supports the establishment of digital banks, which reached 75 banks, which contribute to accelerating the digital transformation of the banking sector in Iraq, pointing out that the first phase will be to grant a license or two licenses only in order to experiment and study the problems and challenges facing these digital banks.

Al-Alak pointed out that banks are required to work to raise the percentage of financial inclusion, by providing modern banking services targeting wider segments of society, stressing that the transition towards the digital economy is an essential step to enhance financial stability and economic development.