Iraq Economic News and Points to Ponder Sunday 4-28-2024
An Expert Talks About The “Biggest Barrier” And The Positives Of Merging Iraqi And Arab Banks
Economy |Baghdad today – Baghdad Today, Saturday (April 27, 2024), Professor of International Economics, Nawar Al-Saadi, revealed the benefit of merging the Iraqi banking sector with its Arab counterpart, and how this approach could contribute to lifting US sanctions on some Iraqi banks.
Al-Saadi told “Baghdad Today”, “In light of the current economic conditions, the idea of merging the Iraqi banking sector with its Arab counterpart comes as a positive step in order to strengthen the Iraqi economy and enhance economic cooperation in the region, as this merger can achieve several benefits, including enhancing stability.”
Finance by providing advanced methods and mechanisms for managing funds and exchanging financial information between Iraqi and Arab banks.
He added, “In addition to enhancing financing capacity, merging the Iraqi banking sector with the Arab sector contributes to increasing the financing capacity of Iraqi institutions and companies, enhances economic growth and contributes to developing infrastructure and creating job opportunities.
But the most positive thing is expanding the scope of financial services because the Iraqi banking sector It lacks advanced services, but if the integration takes place with the Arab banking sector, Iraqi banks can expand the scope of financial services available to citizens and companies, which will enhance access to financial services and inevitably contribute to enhancing economic development.”
He continued, “The Arab banking sector’s involvement with the Iraqi sector could be considered a risk for Arab banks, given the legal and financial challenges imposed by international sanctions on Iraqi banks.
However, these challenges can be addressed through cooperation with international financial authorities such as the US Federal Reserve to take measures.” necessary to ease the restrictions imposed. The professor of international economics stressed that
“in general, achieving banking integration between Iraq and the Arab world requires joint cooperation and mutual efforts to overcome challenges and obstacles, in order to enhance economic stability and promote sustainable development in the region.”
The head of the Iraqi Private Banks Association, Wadih Al-Handal, confirmed yesterday, Friday, that
Iraq is witnessing a clear targeting by depriving half of the banks from dealing in dollars, describing it as a “danger indicator” at the economic level.
Al-Handal said, in his speech during the Arab Economic Security Forum, which was organized by the Union of Arab Banks in Beirut and followed by “Baghdad Today,” that “the forum is being held in complex circumstances and geopolitical changes taking place in the region, and the Arab banking sector has begun to be affected, starting with the State of Iraq,” adding.
“Iraq is still facing major challenges, at various economic levels, including depriving the Iraqi private banking sector of using the dollar, which has exceeded half the number of banks operating inside the country, which is a very dangerous indicator, despite the efforts of Iraqi governmental and private institutions to comply with laws against money laundering and terrorist financing.” Local and international.”
He explained, “For the first time we are witnessing a clear targeting of the sector, which has begun to affect banking services within the country, undermine citizen confidence, and hinder the expansion of financial inclusion,” stressing that “these challenges facing the banking sector reaffirm the role of the Union of Arab Banks.”
International organizations and Arab banks play a prominent role in coordinating positions and confronting dangers together.”
Al-Handal pointed out that “this meeting represents an opportunity for cooperation and agreement on a work roadmap for the future, as targeting the Iraqi banking sector will not stop within its borders, and may expand at any moment to other countries in light of the regional turmoil.”
He continued, “The Association of Private Banks is working with the Iraqi government, the Central Bank, and some local and international institutions, to save the banking sector, and return banks deprived of dealing in dollars to their activities, but this is not enough,
but rather requires continuing cooperation with the Arab and foreign banking sector, because the stage of integrating the sector Iraqi banking with its Arab counterpart must begin quickly, and
we are taking great steps in this direction, especially since Prime Minister Muhammad Shia al-Sudani held dialogues in Washington with the American President and other government officials, who announced in a joint statement the possibility of a group of Iraqi banks returning to dealing in dollars and supporting… The private banking sector.
During his speech, Al-Handal appreciated the efforts of the Iraqi government and the Central Bank of Iraq to create deeper understandings with international banks, the Federal Reserve, and the US Treasury to expand the integration of the Iraqi banking sector into the global financial system, in addition to supporting the Iraqi dinar, which led to a gradual rise in its value, pointing out that
“Iraq is witnessing… “There has been a great development in the transition to electronic government and the adoption of electronic payment, and this is what leads to the growth of the digital economy, especially since there is a trend within the country to increase the number of electronic banks, to keep pace with technological development and increase performance.”
Provoking Points To Ponder on Failures and Mistakes
Failure at a task may be the result of having tackled it at the wrong time.- Brendan Francis
We fail more often by timidity than by over-daring.- David Grayson
Failure is more frequently from want of energy than want of capital.- Daniel Webster
Losers have tons of variety. Champions take pride in just learning to hit the same old boring winners.- Vic Braden
Lack of will power has caused more failures than lack of intelligence or ability.- Flower A. Newhouse
The word fate … is the refuge of every self-confessed failure.- Andrew Soutar
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