Central Bank: Efforts to lead a national financial system that meets the requirements of the public

Baghdad-INA 
The Central Bank Governor Mustafa Ghalib confirmed that there are efforts to lead a national banking and financial system capable of meeting the public's requirements in various aspects.
 
The Governor of the Central Bank, Mustafa Ghalib, said in a speech during the conference of the lending program launched by the Association of Banks in cooperation with the Central Bank and the US Agency for Development and attended by the correspondent of the Iraqi News Agency (INA), that "the work mechanisms accompanying the granting loans in Iraq are not without difficulties, as it linked to of course, consider the money, its functions, and the public’s expectations in dealing with it,” he said, “some people believe that all lending operations are a type of grant that does not require their recovery, which requires banks to double the guarantee procedures that guarantee the recovery of those loans, and this is a problem that is followed by routine arrangements, some say it is not necessary, while the bank considers it necessary to recover the money."
 
"In our initiative, which we launched, and the total of its funds amounted to about 18 trillion dinars, we tried to set requirements that guarantee the safety of the lending process from the beginning and then guarantee the process of recovering funds," noting that "facilitating assets to funds and supports the strategy of financial inclusion and the cooperation of all parties to the lending and borrowing process, they represent basic pillars for development to remain related to money and ease to get it." Ghalib said.
 
 Ghalib indicated, "The Central Bank is trying hard, with the Association of Iraqi Private Banks and supporting international institutions, including the US Agency for Development and other national institutions, to lead a national banking and financial system capable of meeting the public's requirements in various aspects."