loopThe banking sector is light years ahead of where it was just a year ago.
All of their actions point to getting ready to for entry into the world markets.
Article: "Association of private banks is discussing with the US Treasury delegation and the reality of the Iraqi banking sector and its future Banks" So representatives from US Treasury, New York branch of the Federal Reserve, and the manager for the Bank of York flew all the way to Iraq to pat them on the back and say good job. This in and by itself is great news...
However the more that I think about this the more convinced I am that there is more to their visit then what the news is reporting.
STILL LOVING THE NEWS.
Article: "Association of private banks is discussing with the US Treasury delegation and the reality of the Iraqi banking sector and its future Banks"
The Association of Private Banks had a meeting.
Look who was there! Look at the focus of the meeting. Current efforts to combat terrorist financing and money laundering as well as continued training of employees in the aforementioned areas and providing the best banking services.
John Sullivan, the US Treasury representative currently stationed at the the US Embassy in Baghdad, "expressed appreciation" for their efforts. John Sullivan is the same person who made the statement back in December that Iraq has accomplished more financial sector reforms during 2016 then in the previous 13 years combined.
We continue to see outside financial/banking concerns expressing how well Iraq is doing with reforms in this area.
They still have lots of work to do, but they continue to take the needed steps to enter the global financial markets again...IMO.
Article: "A parliamentary committee proposes assigning state - owned companies to guarantee deposits of private banks"
Quote: "Parliamentary Finance Committee has proposed converting an Iraqi insurance companies to the guarantor institution to domestic banks in order to restore trust between the citizen and the banks."
This is something right out of the IMF SBA banking reforms.
They need to guarantee those deposits and it appears that they have figured out a way to do just that. If the citizens do not trust the banks the economy will struggle.
The banks need the liquidity.
Article: "Sabri: government measures raise customs state revenues"
Iraq went from collecting 1/2 a billions dinars in customs duties in Jan 2016 to finishing the year with 24 billion dinars collect for the entire year.
More than quadrupling January 2016 custom duties every month.
And they are still fixing working on fixing some of the issues that have come to light at some of the points of entry.
Again this is right in line with the IMF's SBA.