IRAQ’S BANK AND FINANCIAL CONFERENCE IN LONDON CONCLUDED IN SEVERAL RECOMMENDATIONS
Iraq, September 20, 2012
Iraq’s bank and financial conference in London ended in a number of recommendations to improve the country’s banking sector, said Iraq’s deputy Prime Minister’s office.
Head of the office Shwan Aziz stated it was decided in the conference for the British and Iraqi experts to design a plan to improve Iraq’s banking system.
Aziz added this is will be the first time that efforts for enhancing and improving the banking sector in Iraq are made through a roadmap.
The official continued it was also recommended that Iraqi Government must facilitate the procedures for welcoming private banks to participate in improving the country’s banking system.
It was also suggested that the routines in approving working license for private banks be eliminated in order to speed up the financial transactions in the interest of Iraq’s economy.
There were also some suggestions about tackling corruption in Iraq, according to Aziz.
The official said “corruption is another reason for obstructing and slowing down the financial transactions. Thus Iraqi government should step towards solving these problems.”
At the end of the conference Iraqi deputy Prime Minister Rojh Nouri Shawais asked the UK to assist Iraq in improving its financial affairs.
Iraq participated in the bank and financial conference in the UK in order to develop the infrastructure of Iraqi banks and its financial transactions, announced earlier Iraqi deputy Prime Minister.
A high Iraqi delegation of ministers and officials including ministers of trade, finance and industry, Governor of the Central Bank of Iraq and a number of Iraqi financial organizations participated in the conference.
The conference ran Sept. 18-19.