By John Lee.
Iraq's parliamentary Finance Committee has held a workshop with the Iraqi Private Banks League (IPBL) to discuss the state of the banking sector and mechanisms for its development.
The session was chaired by MP Uday Awad and attended by Ali Tariq Mustafa, Executive Director of the IPBL, along with a delegation of private banks.
According to the Iraqi Council of Representatives, the workshop covered three main areas:
- The current state of the banking sector, including indicators of financial inclusion, deposit volumes, credit facilities, non-performing loans, and capital adequacy
- Electronic payment infrastructure, including point-of-sale (POS) and ATM integration, digital payment cards, e-wallets, and banking applications
- Structural reform and governance, including compliance standards, updating the legal framework of banking law, increasing bank capital, and developing correspondent banking relationships in line with international transparency standards
Committee members stressed the importance of simplifying loan application procedures, supporting the domestic market, increasing currency in circulation, and strengthening legal protection for depositors.
The workshop concluded with a call for continued coordination between the Finance Committee and the private banking sector.
(Source: Iraqi Council of Representatives)
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