The Central Bank reveals committees working to regulate banks and banking companies in the region

Central Bank Governor Mustafa Ghalib
 
06/19/2021

Economy News - Baghdad

The Central Bank of Iraq confirmed, on Saturday, that several committees will work to regulate banks and banking companies in the region.

And the Central Bank said in a statement received by "Al-Iqtisad News", that "at the invitation of the Kurdistan Regional Government, Prime Minister Masrour Barzani received the Governor of the Central Bank of Iraq, Mustafa Ghaleb Mikheeb."

The statement added, "The meeting discussed ways to enhance coordination and cooperation between the regional government and the Central Bank of Iraq in the field of reorganizing the banking sector and combating money laundering and terrorist financing."

He pointed out that "the governor of the Central Bank addressed frameworks for strengthening the banking sector through several things, the most important of which is the regulation of banks affiliated with the regional government and their licensing from the Central Bank, and the regulation of the work of banking companies in preparation for their licensing," noting that "several committees will begin their work to accomplish the tasks that were directed by them." Prime Minister and Governor.

The statement continued, "Barzani once again expressed his willingness to cooperate and coordinate with the Central Bank of Iraq," stressing that "the reorganization of the banking sector would constitute a strong and important pillar for developing the economic infrastructure, consolidating the investment process, and gaining the confidence of international banks and financial institutions."

"The central bank was keen on the central bank branch in the region to carry out its supervisory and supervisory duties effectively to ensure the banking sector's performance of its activities in light of the laws in force," he said.

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