The Governor of Iraqi Central Bank Ali Mohsin met with the Saudi delegation headed by the Saudi Trade and Investment Minister Majid bin Abdullah Al-Qasabi and discussed about the banking transactions and channels between Saudi Arabia and Iraq. The Saudi Trade & Investment Minister arrived on Tuesday evening in Baghdad. He also discussed regarding a supposed agreement on the development of a plan about cooperation in the banking sector. A team will be formed from the Saudi Monetary Agency and Iraqi Central Bank. A team from the Central Bank of Iraq will prepare a report in the coming weeks. The Iraqi banking sector has shown remarkable developments in various areas over the last couple of years. The CBI also provided a significant amount of support in the development and establishment of private banking sector. Now, there are at least 70 private banks and 20 Islamic banks participating in providing latest & advanced banking facilities for Iraqi citizens in the country.
Moreover, the Iraqi Central Bank has implemented the perfect regulations and laws according to international standards for banking transactions in the country. The monetary policies of CBI efficiently contributed in the development of Iraqi banking sector and other banking procedures. The banking sector in Iraq is now working according to the advanced payment system and the application of governance in its administrative dealings. The Saudi Trade & Investment Minister said that Saudi businessmen and investors are interested to participate in the Iraqi investment projects, but they need international banking facilities and guarantees. It would break the barrier of fear because they know the Iraqi market is promising and attractive regarding investment. He also said that the eagerness of Saudi Arabia is to provide a significant amount of support for Iraqi banking channels due to the banking infrastructure has been considered a key factor for trade, investment, and economy.