The Central Bank of Iraq explained on Sunday its procedures to monitor the performance of private banks and improve their work, while noting that only banks capable of performing their functions remain in the banking sector.
“The Central Bank of Iraq has begun three years ago with procedures to complete reform procedures in the banking sector,” the adviser to the bank said, Ihsan al-Yasiri, pointing out that “the private banking sector is one of the promising sectors in Iraq, as the Central Bank attaches great importance to it like the government banking sector.”
Al-Yasiri added that “the Central Bank does not distinguish between the private and public sectors, but the private banking sector is one of the engines of development in Iraq, in addition to the government sector,” noting that “the private banking sector has a role in spreading the funds of the Central Bank of Iraq’s initiative in lending to various sectors (residential, agricultural, industrial,
He pointed out that “some banks suffer from a set of problems, and the central bank in turn is currently taking several measures for the purpose of enabling them to stability and reassure the public of their performance,” stressing that “there are other banks that are doing well and playing excellent roles.”
He pointed out that “the Central Bank, and its confidence in some private banks, has initiated measures to encourage foreign banks and foreign central banks for the purpose of opening financial corridors for them, to enable them to practice money transfers for the purposes of foreign trade.”
He stressed that “the Central Bank usually supports every bank that tries to improve performance and services provided to the public, as a result, the private banking sector is an important part of the Iraqi banking sector, and the Central Bank attaches great importance, and encourages it to improve performance.”
He pointed out that “the public’s confidence in the private banking sector and the banking sector in general is gradually increasing gradually with the strength of the Central Bank’s procedures and control,” according to the official news agency.
He added that “the private banking sector and the initiative funds are currently financing the development of projects, the establishment of new projects and the employment of the unemployed,” stressing that “some banks are trying to reach satisfactory levels.”
He noted that “the Central Bank is currently monitoring the performance of some banks and supervising their performance, and only valid banks capable of performing their functions remain in the banking sector.”
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