Iraq’s Parliamentary Finance Committee recently held a workshop with the Iraqi Private Banks League (IPBL) to discuss the current condition of the country’s banking sector and ways to improve it.
The meeting was led by MP Uday Awad and attended by Ali Tariq Mustafa, Executive Director of the IPBL, along with representatives from several private banks.
During the workshop, participants reviewed the current state of the banking sector. Discussions focused on financial inclusion, deposit levels, lending activity, non-performing loans, and the financial strength of banks.
They also talked about electronic payment systems, including POS machines, ATMs, digital payment cards, e-wallets, and banking apps. The goal is to expand digital banking services and make financial transactions easier for citizens.
Another key topic was banking reform and governance. Discussions included improving compliance standards, updating banking laws, increasing bank capital, and strengthening relationships with international banks while meeting global transparency requirements.
Members of the Finance Committee stressed the need to make loan applications easier, support local markets, increase the movement of money within the economy, and provide stronger legal protections for depositors.
The workshop ended with both sides agreeing on the importance of continued cooperation between the Finance Committee and private banks to help develop and modernize Iraq’s banking sector.
