Al-Alaq discusses the “situation” of government banks with a senior delegation from the World Bank

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Al-Alaq discusses the
Al-Alaq discusses the "situation" of government banks with a senior delegation from the World Bank

The Governor of the Central Bank, Ali Al-Alaq, discussed the conditions of government banks and external transfer procedures with a high-ranking delegation from the World Bank led by Farid Belhaj on Thursday.

A bank statement received by Al-Maloumah stated that the Central Bank of Iraq is making efforts to organize and consolidate external transfers in accordance with compliance requirements and international standards. Additionally, they are implementing measures to encourage merchants to use the electronic platform to purchase dollars by simplifying tax and customs procedures.

A bank statement received by Al-Maloumah stated that the Central Bank of Iraq is making efforts to organize and consolidate external transfers in accordance with compliance requirements and international standards. Additionally, they are implementing measures to encourage merchants to use the electronic platform to purchase dollars by simplifying tax and customs procedures.

He discussed plans to improve the government banks, which make up about 80% of the Iraqi banking sector. The plans include amending internal systems to implement institutional governance issued by the Central Bank and restructuring the banks.

The World Bank delegation praised the Central Bank of Iraq for its efforts and procedures at all levels. They expressed their willingness to provide any advice or technical expertise and to continue implementing the programs they are working on with the Central Bank.

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