J.P. Morgan offers to support Iraqi banks

Shafaq News / American multinational investment bank, J.P. Morgan, has expressed its willingness to support Iraqi banks in financing foreign trade operations in US dollars, according to a statement released today by the Central Bank of Iraq.

The statement detailed that the Governor of the Central Bank of Iraq, Ali Mohsen Al-Allaq, met with the Deputy Head of J.P. Morgan, Daniel Zelicko, in Baghdad. The two parties reportedly deliberated on potential avenues of cooperation between J.P. Morgan and the Central Bank of Iraq, and the American bank's readiness to support several Iraqi banks in the financing of foreign trade in the US dollar.

Zelicko lauded the recent actions taken by the Central Bank of Iraq in combating money laundering and terrorism financing and adopting international standards for financial transfers, according to the statement.

Al-Allaq extended an invitation to Zelicko for J.P. Morgan to open a representative office in Iraq, assuring the provision of necessary support to facilitate this step due to its anticipated positive impact on the Iraqi economy in general, and the banking sector in particular.

The meeting also broached the subject of joint cooperation in the areas of investment management, technical support, and training across various domains.

J.P. Morgan is the largest bank in the US by assets, boasting around 4 trillion US dollars in assets, a testament to its financial prowess and global influence.