Private Banks Association: Iraq to adopt advanced trade finance system by end of 2024
The Iraqi Private Banks Association announced, on Wednesday, a move to adopt an advanced trade finance system by the end of the year.
The Executive Director of the Iraqi Private Banks Association, Ali Tariq, told the official agency, which was followed by “Al-Eqtisad News”, that “work on the foreign trade financing platform began at the beginning of 2023 and is witnessing significant development,” indicating that “it is expected that by the end of the year there will be a transition to another more advanced and accurate system to enhance control over foreign transfers related to trade.”
He explained that “the new system will depend on correspondent banks instead of the current mechanisms, as each bank will have the ability to conduct transfers according to its capabilities and possession of correspondent accounts, whether in American banks or other banks that provide transfer services in different currencies.”
He added, “This process will remain the same for the public and merchants wishing to transfer, as the requirements will not change significantly, but the accuracy of transfer operations will improve through the activation of control systems and regulations imposed by correspondent banks.”
He stressed that “this transformation will increase public confidence in the Iraqi banking sector, as local banks will adhere to the instructions and mechanisms of international correspondent banks, which will enhance work within strict international systems and agreements.”
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Clare: Minister of Commerce: The government has developed a roadmap for developing the national economy
Minister of Commerce Athir Al-Ghurairi confirmed today, Wednesday, that the government has developed a roadmap for developing the national economy, noting that the private sector is witnessing a remarkable recovery thanks to government support.
Al-Ghariri told the Iraqi News Agency (INA): “The government has begun implementing economic reforms through new legislation,” noting that “many laws have been sent to the House of Representatives for approval.”
He added, “These reforms represent a ‘reform revolution’ that the Iraqi people may not notice at the present time, but it will soon become clear to citizens, businessmen and project owners.”
The Minister explained that “the government has begun practical steps to support important sectors such as the pharmaceutical industry, as this sector has witnessed a remarkable recovery as a result of effective government policies, in addition to localizing other industries.”
He pointed out that “the government has taken new regulatory steps through the Ministry of Trade Law, which allows for the issuance of accurate and clear data, which helps in setting a roadmap for local and international businessmen and investors,” expressing his “optimism about the future of the Iraqi economy.”
