Iraq Economic News and Points to Ponder Tuesday Afternoon 2-18-25
The Wave Of Penalties For Iraqi Banks .. Is It The Beginning Of New Pressure?
Economics 2025-02-17 | 3,633 views Alsumaria News – Local The economist, Manar Al-Ubaidi, said today, Monday, regarding the imposition of sanctions on Iraqi banks. said Al-Ubaidi in a statement followed by Alsumaria News, that "there are 10 Iraqi and foreign banks working to carry out external transfer operations in various currencies, led by the dollar," noting that "there are news about the joining of two new bankers, one of which is Iraqi and the other is a foreigner, to the Citi Pilot platform responsible for Transfer the dollar."
He added that "what is happening in the Iraqi banking sector is not a collapse as some depicts it,
but rather a process of reshaping aimed at ensuring compliance with international standards,
which reflects a new stage of organization and adaptation to the requirements of transparency and financial compliance", "noting that "we were hoping to lead This change is Iraqi banks, but the nature of the emerging sector and the leniency that it witnessed during the past twenty years made it unstable for such changes, as banks believed that the existing situation would continue and did not initiate the preparation of the requirements of the new stage.
He stated that "there are banks that organized their conditions and managed their business properly and managed to withstand and continue in the market,"
calling on "Iraqi banks to re-evaluate their work and work to achieve international governance standards and compliance."
Those responsible for the financial and banking educational system must, Al-Ubaidi stressed
"the necessity of re-evaluating the content of teaching materials to graduate human competencies and energies
needed by the banking sector and is
able to compete with foreign human energies from different countries to
ensure the sector's sustainability with Iraqi cadres and Iraqi institutions."
Iraqi banking sources, quoting diplomats working in Baghdad, revealed that
new sanctions will be issued against 5 Iraqi banks who violated international standards and some of them transferred money to illegal parties, while the Central Bank denied the validity of these news.
The sources stated in a news followed by Alsumaria News, that
"the sanctions will include bank owners after accusing at least one of the five banks to work completely for one of the armed factions in Iraq." It was later published that
"the five banks covered by the procedures are the" Musk "bank, the" Sanam "bank, the" United "bank, the" Al -Amin "bank and the" East "bank.
After the five banks including the penalties, 34 private banks will be out of 44 banks in Iraq that included the sanctions to remain 5 Iraqi banks operating in Iraq along with 5 other Iraqi banks working with Arab and foreign capital ..
The total number of banks operating in Iraq becomes 10 banks except government banks
The other is the Rafidain Bank, the Rashid Bank, the Iraqi Bank for Trade, and other specialized banks, such as agricultural, industrial, and others. https://www.alsumaria.tv/news/economy/516701/موجة-العقوبات-على-مصارف-عراقية-هل-هو-بداية-لضغوط-جديدة؟
The Central Bank Of Iraq Signs A Memorandum Of Understanding With Frankfurt School For Administrative And Financial Sciences
February 17, 2025 The Center for Banking Studies, the training arm of the Central Bank of Iraq,
was keen to achieve one of its strategic goals of
upgrading training by enhancing cooperation and
building communication channels, and
holding partnerships with many vocational academic and training institutions.
The Center for Banking Studies and the Frankfurt School of Administrative and Financial Sciences signed a memorandum of understanding, to frame cooperation efforts between the two sides, and
this memorandum aims to
enhance cooperation in the field of training and development of staff in the financial and banking sector in the two countries, as well as
exchanging experiences and experiences between the two sides, especially in modern areas that It serves the Iraqi financial and banking sector, and the
signing of the Memorandum of Understanding comes in light of the central bank’s approach to the cadres of the Iraqi banking and financial sector, as one of the most important notes that the
Banking Studies Center aims to sign with internationally accredited training and training centers.
The Central Bank of Iraq Media Office February 17, 2025 https://cbi.iq/news/view/2795
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