Baghdad The Expert in Economic Affairs, Safwan Qusay, confirmed that the European Commission’s decision to remove Iraq from high-risk countries is an opportunity to enhance the openness of Iraqi private and public banks towards the international banking environment.
Qusay said in a statement to the National Iraqi News Agency / NINA / in light of the growing positive outlook towards the Iraqi economy from abroad after fulfilling the debt obligations arising from the Kuwait war, the European Commission’s decision came to remove Iraq from the countries with high risks to enhance Iraq’s ability to attract foreign direct investment and an opportunity to enhance The openness of Iraqi private and public banks towards the international banking environment.
He added, “This decision will enable Iraq to track the movement of funds abroad by allowing Iraq to deal with major international banks, and this will support the process of reducing the cost of obtaining funds from the international environment, and this will be reflected in increasing the ability of local banks to finance to increase support for the regular private sector to be a partner in real development.
He added, “The growth of the Iraqi banking sector will enhance the workspace of the Iraqi economy globally, especially since Iraq aspires to be the capital of the new Middle East due to its financial and human capabilities, in addition to its strategic location and acceptance by all countries of the world, and the window to achieve this ambition will be strengthened through the governance of all financial and material procedures, in order to reach an economic model that is commensurate with the needs of the global environment.”
The economic expert stressed the need to enhance external confidence in the local financial system by supporting confidence in the banking system locally through guaranteed banking products at costs commensurate with the need for local growth.
Source: National Iraqi News Agency
