Al-Alaq discussing with the World Bank consolidation of the external transfer

Baghdad-INA 

The Governor of the Central Bank of Iraq, Ali Al-Alaq, discussed today, Thursday, with a delegation from the World Bank, the Central Bank's efforts to organize and consolidate external transfers.

A statement by the Central Bank, received by the Iraqi News Agency (INA): "The Governor of the Central Bank received a high-level delegation from the World Bank headed by Farid Belhadj, Vice President of the World Bank for the Middle East and North Africa.".

The statement added, "The meeting discussed the efforts of the Central Bank of Iraq to organize and consolidate external transfers in accordance with compliance requirements and international standards, and to encourage merchants to enter the electronic platform to buy dollars by providing facilities and simplifying tax and customs procedures that the government is making anticipated amendments to.".

He pointed out, "The meeting discussed granting small loans through the Riyada Bank, which will be responsible for providing various loans with the support of the Central Bank of Iraq and private banks, and working to establish a loan guarantee company, as well as paying attention to compliance standards and risks to develop the banking sector.".

The statement also continued, "The meeting dealt with the conditions of government banks, which constitute approximately 80% of the size of the Iraqi banking sector, and dealt with plans to improve their work, including amending their internal systems to implement institutional governance issued by the Central Bank, and plans to restructure those banks.".

The statement concluded, "The World Bank delegation praised the efforts and procedures of the Central Bank of Iraq at all levels, expressing its readiness to provide any advice or technical expertise in these areas, and to continue implementing the programs it is working on with the Central Bank."