Baghdad – IA
The pinnacle of the Iraqi Personal Banks Affiliation, Wadih Al-Handal, introduced at this time, Thursday, that Iraq is dedicated to combating cash laundering, whereas noting that the event highway challenge will shorten time, scale back prices, and supply hundreds of job alternatives.
Al-Handal stated throughout a speech he delivered on the Arab-Turkish summit in Istanbul, which mentioned the Iraqi improvement path, and was obtained by the (INA): “Iraq’s coverage is targeted on financial openness to all nations, to construct a community of sturdy financial relations, and entice international investments in infrastructure improvement.” “.
He added, “Bilateral relations between Iraq and Turkey are going by means of their golden age, as commerce trade reached $20 billion final yr, along with the good cooperation between Iraqi and Turkish corporations in implementing strategic tasks inside Iraq,” noting that “the go to of Turkish President Recep Tayyip Erdogan, Final month to Iraq, it’ll mirror positively on the Arab area, beginning with the event highway challenge.”
The pinnacle of the Affiliation of Iraqi Personal Banks acknowledged, “The Iraqi Improvement Street Venture is among the tasks that may rework the type of transporting items between the nations of East Asia and Europe, as a result of it’ll contribute to shortening the time on the ship departing from the port of Al-Faw to Europe by fifteen days in comparison with different transport strains.” In addition to decreasing the price by way of insurance coverage and transportation charges, which can mirror positively on the ultimate worth of the products, along with the challenge offering greater than 100,000 direct job alternatives with the institution of enormous factories contained in the nation.”
He identified, “The event highway will hyperlink the nations of China, India, the Emirates, Qatar, Iraq, and Turkey, all the best way to Britain, by means of railways and land roads to move items and folks. It’s the main challenge within the area presently, as it’ll contribute to transporting fifteen million passengers yearly and greater than 22 million tons.” Of products, it’ll value seventeen billion {dollars}, with revenues for Iraq amounting to about 5 billion {dollars} yearly.”
Al-Handal referred to as on Arab and international banks to “contribute to financing investments whereas persevering with to work on offering sovereign ensures, in a manner that contributes to accelerating work and attaining improvement for all.”
He acknowledged, “The Central Financial institution of Iraq labored with its Turkish counterpart, throughout the earlier stage, to undertake the Turkish lira and the euro to finance commerce trade between the 2 nations,” stressing that the banking sector is taking speedy steps in development, regardless of the good challenges surrounding it, and that some banks Which confronted difficulties in dealing within the greenback, continues to work in different currencies, in implementing the aspirations of its prospects, along with rising the sorts of banking providers, which displays positively on the sector’s work in rising the share of monetary inclusion.”
He defined, “The financial coverage, led by the Central Financial institution of Iraq, throughout the present stage, labored very efficiently, and contributed to decreasing inflation from 7.5 % to three.8 %,” noting, “Iraq’s international forex reserves reached greater than 111 billion.” Greenback, and gold 145.6 tons, which makes it ranked fifth within the Arab world.
Al-Handal thanked the Union of Arab Banks, praising “this two-day Arab-Turkish summit,” expressing his hope “to give you pressing choices that contribute to altering the face of the area economically and provides hope to our folks, who’re affected by the results of inflation, rising costs, and the migration of international buyers.” .
He acknowledged that “Iraq is among the nations dedicated to combating cash laundering and the financing of terrorism, in accordance with what was introduced by the Monetary Motion Process Pressure for the Center East and North Africa (mini-FATF), which is an indicator that each one nations depend on,” praising “the function of the Central Financial institution and the Iraqi judiciary in sustaining… Iraq is assessed globally as one of many nations dedicated to combating cash laundering and terrorist financing.