Iraq Banking Forum 2019 | Al-Iktissad Wal-Aamal Co. | 2 February 2019 | Divan Erbil, Gulan، Erbil 44001, Iraq

Iraq stands on the threshold of new radical political, security and economic changes brought about by the ongoing liberation phase and the launching of the reconstruction and nation-building processes, in parallel with the government’s adoption of a comprehensive economic plan and procedures to develop the investment climate and enhance the private sector’s role, so as to attract new investments in vital sectors, hence the need for enormous capital flows.

The Central Bank of Iraq is striving to cope with the demands of this new phase, be it through adopting a flexible monetary policy taking into account the surrounding circumstances, or through creating a proper environment to broaden local banks’ contribution to funding.

In its endeavors to develop the banking industry, the Central Bank of Iraq focused particularly on developing Islamic Banking and ensuring an appropriate legislative and regulatory environment. In addition to the development of electronic banking and digital services through vital investments to keep abreast of global developments taking place on this front.

On another note, the Central bank placed particular importance on the respect and implementation of international standards to boost international banking institutions’ trust in the sector and relationship with correspondent banks. The aforementioned standards cover Compliance as well as international financial standards such as the accounting standard IFRS9. This necessarily entails raising the efficiency of human resources operating in the sector and fostering their expertise through training and capacity building.

In light of the latest developments, the Iraqi Banking Forum organized by Al-Iktissad Wal-Aamal Group in collaboration with the Central Bank of Iraq and the Iraq Private Banks League will be held in order to create a periodic platform of interaction and dialogue shedding light on the main achievements and the best way to face challenges resulting from the implementation of international standards or the creation of a conducive local environment.