The Governor of the Central Bank Ali Al-Alaq discussed with the Saudi delegation headed by the Minister of Trade and Investment Dr. Majid bin Abdul-Al-Qasabi the transactions and banking channels between Iraq and Saudi Arabia in order to agree on a plan of action for cooperation in the banking field through the formation of a team from SAMA and the Central Bank of Iraq The team will report it in the coming weeks.
"The banking sector in Iraq has taken several promising steps over the last few years to develop this sector and provide support for the establishment of private sector banks and about 70 private banks and other Islamic banks with 20 banks under establishment," Alaq said in a statement. In addition to legislating regulations and laws and implementing international standards and banking transactions that contribute to the development of this sector and other banking procedures, where it now operates according to the system of payments and the development of the application of governance in the management dealings.
For his part, al-Qasabi stressed the desire of Saudi businessmen and investors to enter into investment projects after providing the guarantees and banking facilities for them and to break the fear barrier in this regard because the Iraqi market is a promising market and attractive for investment, indicating the readiness of the Saudi side to support the Iraqi banking channels because the banking infrastructure is the key to Economic, commercial and investment.
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