Iraqi Private banks support the central bank reforms to develop the Iraqi economy

Shafaq News / The Iraqi Private Banks Association announced on Thursday its support for the reforms undertaken by the Central Bank of Iraq, that will contribute to the development of the Iraqi economy and the banking sector.

The Association of Private Banks said in a press release, "the Central Bank of Iraq is currently working on major and influential reforms, which will lead to the development of the banking sector and the Iraqi economy, especially in the difficult financial crisis that Iraq is currently experiencing as a result of low oil prices."

"The Central Bank of Iraq is adopting a wise policy, during this stage under its new management, which is represented in increasing confidence between the banking sector and citizens, increasing monetary and pledging credit by supporting small, medium and large enterprises in addition to the successful experience that the Central Bank has undertaken in launching a platform for letters of guarantee", the press release added.

The association noted that it appreciates, "the great steps taken by the central bank in increasing financial inclusion and supporting banks in their work to diversify banking services, in addition to international cooperation between the central bank and its counterparts from international central banks, which leads to the development of relations between Iraqi and foreign banks."