In order to develop solutions for banks that are prohibited from using the dollar, CBI contracts with an international company

Baghdad - INA

The Central Bank of Iraq announced, today, Saturday, contracting with Oliver Wyman to conduct a comprehensive review of the conditions of Iraqi banks, especially banks prohibited from dealing in the US dollar.

The Central Bank said in a statement received by the Iraqi News Agency (INA) that "the visit of the delegation headed by the Governor of the Central Bank, Mr. Ali Mohsen Al-Alaq, to ​​the United States of America discussed the use of electronic payment cards and ways to organize and stimulate their use in line with Iraq's trend towards electronic payment."

He added, "The delegation held separate meetings with a group of companies such as (Visa, Mastercard and MoneyGram)."

He continued, "The international auditing firm (KPMG) presented an extensive analytical presentation of the uses of these cards, reinforced with recommendations and proposals to enhance organized use and accommodate the significant increase in citizens' use of these cards.".

The bank indicated that "the meeting parties praised the important steps in enhancing banking sector reforms, the most important of which is the contract concluded by the delegation of the Central Bank of Iraq with the company (Oliver Wyman) to conduct a comprehensive review of the conditions of Iraqi banks, especially banks prohibited from dealing in the US dollar.".

He explained that "the company will work on developing practical solutions to reintegrate these banks into the Iraqi and international banking sector, in addition to improving the level of banking procedures in line with international standards," explaining that "the initiative aims to facilitate the process of establishing direct banking relations and improving the quality of services provided by banks to serve the Iraqi economy, as the company is scheduled to begin its work in the coming period."