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Private banks announce support for central bank reforms to develop the Iraqi economy

The Iraqi Private Banks Association announced, on Thursday, its support for the reforms undertaken by the Central Bank of Iraq aimed at banks and monetary policy that will contribute to the development of the Iraqi economy and the banking sector, which will reflect positively on economic development.

The Association of Private Banks said in a press release, “The Central Bank of Iraq is currently working on major and influential reforms, which will lead to the development of the banking sector and the Iraqi economy, especially in the difficult financial crisis that Iraq is currently experiencing as a result of low oil prices.”

She added, “The Central Bank of Iraq is adopting a wise policy, during this stage under its new management, which is represented in increasing confidence between the banking sector and citizens, increasing cash and pledging credit by supporting small, medium and large enterprises in addition to the successful experience that the Central Bank has undertaken in launching a platform for letters of guarantee.” .

The association noted that “it appreciates the great steps taken by the central bank in increasing financial inclusion and supporting banks in their work to diversify banking services, in addition to international cooperation between the central bank and its counterparts from international central banks, which leads to the development of relations between Iraqi and foreign banks, and that these policies and procedures will lead to Increasing the banking services provided by banks to the aspirations of the Iraqi citizen. Source