CBI Governor Receives World Bank Delegation

Today, Thursday, Mr. Ali Al-Alaq, Governor of the Central Bank of Iraq, received a high-ranking World Bank delegation headed by Mr. Farid Belhaj, Vice President of the World Bank for the Middle East and North Africa.

During the meeting, they discussed the efforts of the Central Bank of Iraq to organize and consolidate external transfers in compliance with compliance requirements and international standards and also to provide facilities and simplify tax and customs procedures that the government is planning to amend to encourage merchants to use the electronic platform to buy dollars.

Small loans will be granted through the "Riyada" bank, which will provide a variety of loans with the support of the Central Bank of Iraq and private banks. Additionally, a loan guarantee company will be set up, as well as compliance and risk standards should be considered for the development of the banking industry.

Government banks, which represent approximately 80% of the Iraqi banking sector, were discussed during the meeting, as well as plans to improve their operations, including amending their internal systems to implement institutional governance issued by the Central Bank and restructuring those banks.

Likewise, 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 implementing with the Central Bank.

Iraq's Central Bank,

Office of Media Relations,

24 August 2023