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The Arab Monetary Fund is discussing with the Central Bank and the Association of Iraqi Private Banks to strengthen the concepts of financial inclusion

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The Arab Monetary Fund is discussing with the Central Bank and the Association of Iraqi Private Banks to strengthen the concepts of financial inclusion

Post by RamblerNash on Mon Oct 22, 2018 2:23 pm

The Arab Monetary Fund is discussing with the Central Bank and the Association of Iraqi Private Banks to strengthen the concepts of financial inclusion


Economy News Baghdad:

A meeting between the delegation of the Arab Monetary Fund (AMF) headed by its Saudi President Dr. Abdulrahman Al-Humaidi and the Iraqi Central Bank, the Iraqi Private Banks Association, the Ministry of Finance and a number of government agencies was held on Sunday morning in Baghdad to promote the concepts of financial inclusion and the presence of World Bank Representative in Iraq Yara Salem.

The delegation of the Arab Monetary Fund included the President of the Saudi Fund Dr. Abdulrahman Al-Humaidi, the World Bank, the Global Financial Inclusion Alliance and the German Development Agency.

"The Arab Monetary Fund has not visited Iraq since the eighties of the last century and we welcome this visit, which opens new horizons in cooperation with the Iraqi financial sector, especially that Iraq is one of the founders of the Fund," said the governor of the Central Bank of Iraq at the beginning of the meeting, Arab Monetary Fund, "pointing out that" the Arab Monetary Fund expressed its cooperation in the participation of the strategy of the Central Bank to develop concepts of financial inclusion within Iraq. "

He stressed that "Iraq has the infrastructure for financial inclusion and will witness the next phase to stimulate the concepts of financial inclusion after it has gone a long way to meet the challenges and the implementation of its requirements,

For his part, the head of the delegation of the Arab Monetary Fund, Abdul Rahman al-Humaidi, said that "the Arab Monetary Fund continues its relations with Iraq and aim to develop them in line with the current reality," stressing that "the Arab Monetary Fund and the Global Alliance for Financial Inclusion and the German Development Agency is in consultation Iraq to develop small and medium enterprises and empower young people and use the best banking techniques. "

Al-Hamidi thanked the Iraqi banks that participated in the Arab Day for Financial Inclusion, pointing out that "the Arab Monetary Fund supports all Iraqi institutions wishing to develop their capacity and expand their financial activities." 

While World Bank Representative in Iraq Yara Salem said that "

"Iraq has contributed to the development of the system of payments, which contributed to the improvement of financial services, which will lead in the next stage to create new services," adding that "the Iraqi government has made clear progress in the settlement of salaries of state employees."

She called on Salem to welcome the government's efforts to achieve economic reform, stressing that the Financial Integration Initiative team succeeded in achieving financial coverage.

Meanwhile, the director of a department in the Central Bank of Iraq, Mahmoud Dagher, "The banks spent 70 billion dinars on the financing of small and medium projects within the initiative of a trillion dinars launched by the Central Bank," noting that "the problem facing the growth of the banking sector is the dominance of government banks."

In the meantime, the President of the Association of Iraqi private banks, Wadih al-Hantal, that "the Iraqi private banks are ready to implement the strategy of financial inclusion, which will affect positively on the spread of banking services widely," pointing out that "the Association of private banks made a great effort to ensure the financial coverage Which increased to more than 22.5%. "


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