Strengthening cooperation between the Union of Arab Banks and the Central Bank of Iraq

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The Secretary-General of the Union of Arab Banks Mr. Wissam Hassan Fattouh made a phone call with the Governor of the Central Bank of Iraq, Mr. Mustafa Ghaleb Mukhaif, during which they reviewed the efforts of the Central Bank of Iraq within the framework of banking reform in the country. The Secretary-General showed appreciation for the efforts of CBI in enhancing the Iraqi Banking sector and the ability to secure banking services by the highest international standards. The two sides reviewed aspects of cooperation on several levels, as the Governor of the Central Bank of Iraq explained the reform plan that is mainly based on activating the supervisory approach, increasing confidence in the Iraqi banking sector to empower the sector and strengthen its development and economic role, and working to build relations with banks and international financial institutions. To that, the two sides discussed the issue of research and technical support in the field of the digital transformation of banking work and the training and qualification of human resources in the Iraqi banking sector, which includes an elite group of experts in addition to the Central Bank of Iraq, in line with modern banking developments. Moreover, activating the sector’s role in providing economic and social support and improve the investment environment in the country. The Secretary-General of the Union of Arab Banks, Mr. Wissam Hassan Fattouh, added that an agreement had been reached with the Governor of the Central Bank of Iraq, Mr. Mustafa Ghaleb Mukhaif, to establish joint activities such as conferences and special training courses in the field of compliance, governance and digital transformation in a way that serves and contributes to achieving what was agreed upon between The two parties. Mr. Fattouh concluded by affirming that the Union of Arab Banks had put all its capabilities to support the reform efforts of the Central Bank of Iraq, and to provide technical support to Iraqi banks, especially in the areas of digital transformation, combating money laundering and terrorist financing.

Central Bank of Iraq

    Media Office

    3/12/2020