Yesterday, I had the pleasure of accompanying His Excellency the Governor of the Central Bank of Iraq, Mr. Ali Mohsen Al-Alaq, on a field visit to the Trade Bank of Iraq (TBI) and the Industrial Bank. It was an insightful experience to witness his engagement with the staff and management of the banks and learn about their operations.
During the visit, His Excellency met with the advanced staff of two banks. He listened to their most prominent problems and challenges, and directed the necessity of harmonizing banking plans and directives with the program and objectives of the government and the Central Bank of Iraq. He stressed the need to work towards reforming and developing the Iraqi banking sector.
His Excellency the Governor of Trade Bank of Iraq (TBI) emphasized the importance of establishing a permanent and advanced center for conducting commercial transfers. This would enable TBI to provide its services with speed and accuracy, which would contribute to the implementation of a greater number of transfers at lower fees. It would consequently encourage the entry of merchants into the external transfer system and achieve market stability and exchange rate.
As per the Governor’s directives, the Iraqi Trade and Industrial banks have been instructed to focus their credit and lending policies towards expanding and diversifying the productive base, and supporting the private sector with small and medium enterprises initiatives. This is expected to have a positive impact on economic growth and reduce unemployment among large segments of society.
We should take note of Mr. Al-Alaq’s emphasis on enhancing customer service and adopting modern financial technology to improve banking services, promote financial inclusion, and support economic activities. It is important to prioritize these initiatives to attract more customers and enhance our capabilities in financing various economic sectors.