The weakness of the financial coverage of the absence of citizen confidence in government banks Arab Monetary Fund: Cooperation with the Association of Iraqi private banks will be greater in the future
2018/11/06 9:16 am
The Arab Monetary Fund said in its first visit to Iraq in 30 years that its cooperation with the Association of Iraqi Private Banks will be "bigger" in the future.
He pointed out the multiplicity of reasons for the low financial coverage in the Arab countries, considering that Iraq is ready to start in the field of financial inclusion.
"The Arab Monetary Fund has visited Baghdad at the head of a mission involving a number of institutions such as the World Bank, the German Development Agency and the Global Alliance for Financial Inclusion to provide technical assistance in the field of financial inclusion," said Abdulrahman Al-Humaidi, chairman of the fund.
With the Central Bank of Iraq, pointing out that the governor of the Central Bank Ali al-Aalq wise leadership and an important role in the subject of financial inclusion.
Al-Humaidi added that the visit of the Arab Monetary Fund to Baghdad is the first since 1988, and henceforth the Fund will work with the rest of the Arab financial institutions with Iraq and will do its part as required.
He pointed out that the Central Bank of Iraq has a comprehensive view of the project of financial inclusion.
The Chairman of the Fund, said that the purpose of the visit and meeting with the concerned parties is to draw up a general framework for financial coverage and then to the Iraqi Central Bank, and then develop indicators for progress, and will not be a report is submitted and then ends, but there will be visits and follow-up reports And work side by side with the Iraqi authorities to implement what will come in the issue of financial inclusion, and we look forward in the coming years to announce what we got from this technical assistance.
Al-Humaidi, that Iraq has the most important infrastructure of human resources, because the Iraqi talents are known at the Arab and global levels in the financial and banking, and this is more important than other infrastructure and able to build the structures that lack it,
pointing out that Iraq is ready to launch in the area of financial inclusion He does not lack anything in this regard.
Al-Humaidi explained that the percentage of financial coverage in the Arab regions according to a report prepared by international institutions is 12%.
However, the Arab Monetary Fund designed a survey that was distributed to the Arab countries, consisting of 5 main components.
After the survey, the results will be announced. The questionnaire is different from the results announced by international institutions as a general questionnaire that did not specialize in Arab countries, in contrast to the Arab Monetary Fund survey.
Al-Humaidi pointed out that the reasons for the low percentage of financial coverage in the Arab countries are due to various reasons, including that the financial sector in the Arab countries is incomplete, but located in these countries is the banking sector only, and the rest of the components of the financial sector is in the process of growth, Such as insurance companies, financial leasing companies and insurance companies, and therefore can not achieve a high financial coverage without the rest of the components of the financial sector, in addition to access to finance and I think it is a need to use modern financial techniques.
Al-Humaidi said that on the sidelines of the meetings, we met with a number of Iraqi private banks and found that they were ready to launch and have the ability and desire.
"I thank the Association of Iraqi Private Banks, which had a great role in this visit. The Iraqi economy, and cooperation with the Association of Banks in the future will be the largest and greater role of Arab banks in the Arab, regional and international groups».
Hamidi pointed out that the Arab Monetary Fund is optimistic about the growth of the non-oil sector in Iraq in the coming year and the years that follow.
"We are honored to come to Iraq after these years and I can assure you that it will not be the last.
There are multiple visits every year through other initiatives, workshops and technical assistance in economic fields, capacity building, conference participation and high-level meetings.