Economic Institution: Central Bank Reforms Boost Investor Confidence and Open the Way to Global Markets
Baghdad – INA Khaled Al-Jaberi, Chairman of the Osool Foundation for Economic and Sustainable Development, affirmed on Tuesday that the reforms led by the Central Bank are fundamental and have contributed to transforming the banking sector from a restricted reality to one open to the world.
He explained that these steps will open up broad horizons for Iraqi banks and positively impact the overall economic and investment activity in the country.
Al-Jaberi told the Iraqi News Agency (INA):
“The current reforms have transformed the banking sector from being restricted and deprived of dealing in dollars to a sector capable of opening correspondent banks and restoring its international relations, which will directly reflect on improving banking services and stimulating economic activity in Iraqi markets.”
He added, “Iraqi banks welcomed these reforms because they are an indispensable necessity.
The banking sector is suffering from numerous problems, and a comprehensive reform is needed to ensure the ability to conduct international transactions and ensure the freedom to trade in dollars.”
He explained that “the investment environment in Iraq has become attractive thanks to the
security stability, and this has prompted investors to enter the Iraqi market.”
He explained that “investors are always looking for two basic answers: the status of the banking sector and the country’s tax system. If reassurance is achieved in these two aspects, investments begin to flow.”
Al-Jaberi pointed out that “banking reforms will lead to broader relationships with correspondent banks,
putting Iraq on the path to opening up to the global market and
facilitating the transfer of funds in line with international standards.”
He continued, “Financial technology and digital transformation are a fundamental pillar of these reforms, as they are not limited to banking policies alone, but rather encompass all aspects of banking operations.
This positively impacts all economic sectors, such as agriculture, industry, and tourism, and contributes to facilitating the movement of funds and trade both domestically and internationally.”
Earlier, Central Bank Governor Ali Al-Alaq confirmed that the banking reform plan would boost international confidence and restore relations with correspondent banks. https://ina.iq/ar/economie/241869-.html
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