Baghdad – WAA
The Central Bank of Iraq announced today, Saturday, that it has contracted with Oliver Wyman to conduct a comprehensive review of the conditions of Iraqi banks, especially banks prohibited from dealing in the US dollar.
The Central Bank said in a statement received by the (INA) that “the visit of the delegation headed by the Governor of the Central Bank, Mr. Ali Mohsen Al-Alaq, to the United States of America discussed the use of electronic payment cards and ways to organize and stimulate their use in line with Iraq’s trend towards electronic payment.”
He added, “The delegation held separate meetings with a group of companies such as Visa, Mastercard and MoneyGram.”
He added, “The international auditing firm (KPMG) presented an extensive analytical presentation of the uses of these cards, supported by recommendations and proposals to enhance organized use and accommodate the significant increase in citizens’ use of these cards.”
The bank pointed out that “the meeting parties praised the important steps in enhancing banking sector reforms, the most important of which is the contract that the Iraqi Central Bank delegation concluded with Oliver Wyman to conduct a comprehensive review of the conditions of Iraqi banks, especially banks prohibited from dealing in the US dollar.”
He explained that “the company will work on developing practical solutions to reintegrate these banks into the Iraqi and international banking sector, in addition to improving the level of banking procedures in line with international standards,” explaining that “the initiative aims to facilitate the process of establishing direct banking relations and improving the quality of services provided by banks to serve the Iraqi economy, as the company is scheduled to begin its work in the coming period.”