Iraq Private Banks Want to Expand Financial Relations Both Regional and International

 

Wadih Al-Handal, President of the Association of Iraqi Private Banks, expressed the need to increase banking and financial relations between Iraq and its regional and international neighbors. He made this remark at the yearly banking conference.

Al-Handal went on to explain that digitalization is essential in every sector of Iraq, especially when considering electronic payments. This encompasses government plans for transformation as well as initiatives from the Central Bank which promise great rewards for citizens, businesses, and the economy alike. To ensure success, human resources must be properly trained and armed with information security, infrastructure maintenance, and system updates skillsets.

He declared that the conference wished to "expand banking and financial relations with foreign partners" and eliminate current obstacles for domestic and foreign investments in the banking sector through market risk control, revised regulations, and a streamlined governmental agenda. He continued, emphasizing

that the development of skilled personnel was essential for economic growth, announcing a new project to be revealed at the conference that would provide job opportunities to young Iraqis.

Prime Minister Mohammed Shia Al-Sudani kicked off the annual Iraqi banking conference, which was sponsored by Iraq’s Central Bank and organized by the Association of Iraqi Private Banks. Banking leaders from Iraq and overseas attended as well as governors of international central banks and international financial institutions