Baghdad – The Iraqi Minister of Finance, Taif Sami, discussed Iraq’s reforms in the banking sector with the Director of the Arab Monetary Fund (AMF), Abdulrahman Al-Hamidy, and his accompanying delegation, according to a statement cited by the Iraqi News Agency (INA).
The Ministry of Finance mentioned in a statement that Sami received Al-Hamidy and his accompanying delegation on the sidelines of the he 34th conference of the Arab Parliamentary Union held in the Iraqi capital, Baghdad.
Sami and Al-Hamidy discussed Iraq’s steps to be engaged in the financial system of the Arab countries, and reviewed the procedures and reforms that the Iraqi government is taking in the banking and financial sectors, to enhance the economic development in Iraq, the statement illustrated.
The Iraqi Finance Minister talked about the most important economic and financial challenges facing the countries of the region, as well as the bilateral relations between Iraq and the AMF, the statement clarified.
Both sides also discussed ways to develop mutual cooperation in areas related to finance and economy, as well as mechanisms for joint cooperation in terms of supporting financial and banking policies and building human capacities, the statement added.
Al-Hamidy, during a meeting held on Sunday with Governor of the Central Bank of Iraq (CBI) Ali Mohsen Ismail, praised the role of the CBI in supporting the AMF’s policies and programs, INA reported.
Al-Hamidy also commended the role of the CBI in launching the cross-border payment system (BUNA).
BUNA is supported by Arab central banks and fully owned by the AMF. It enables financial institutions and central banks in the Arab region and beyond, to send and receive payments, in Arab currencies as well as key international currencies, in a safe, cost-effective, risk-controlled, and transparent environment.
The CBI is an active member of the AMF, and is considered one of the largest shareholders among central banks and financial institutions. The CBI invests part of its foreign reserves with the AMF.
Source : Iraqinews