3 Iraqi banks are seeking to open branches in Saudi Arabia in the coming days as a result of the great improvement in economic relations between the two countries.
The governor of the Central Bank Ali Al-Alaq last week met with the Governor of the Saudi Arabian Monetary Agency Ahmed bin Abdul-Karim Al-Khulaifi at the headquarters of the Foundation in Riyadh, in the presence of a number of directors of government banks and the representative of private banks on Tariq, and the parties discussed the formation of a joint team of SAMA and the Central Bank of Iraq to promote and develop direct cooperation Between banks in both countries and comes within the framework of the development and activation of banking relations.
The two sides also discussed cooperation in remittances and correspondence relations between Saudi banks, Iraqi banks and other banking transactions that provide an appropriate infrastructure for future economic and investment cooperation between the two countries.
A source in the Iraqi delegation said that “Iraq and Saudi Arabia agreed to increase cooperation in the fields of training and transfer of knowledge in a number of different areas in the Institute of Finance.”
“The Iraqi Trade Bank will open a branch in Saudi Arabia and the procedures are going well,” said the adviser to the central bank governor Walid Eide. “There are two requests from two private banks to open branches in Saudi Arabia.”
He added that the opening of branches or offices of Iraqi banks in the Gulf states or another country will reflect positively on the Iraqi economy because these branches will provide studies on the Iraqi market and contribute to the process of financing foreign trade and ensure the goods conform to the standard specifications and reduce the risk of the export and import.
On the other hand, said the Executive Director of the Association of Iraqi private banks, Ali Tariq, “The banking delegation that visited Saudi Arabia last week to discuss the development of banking relations between the two countries,” noting that some Iraqi banks are currently seeking to take approvals for the opening of branches in Saudi Arabia.
He added that Iraq is in urgent need to end the phase of closure that he lived since 1990 until now because of the economic siege and the deteriorating security situation after 2003, indicating that the current Iraqi openness is not related to Saudi Arabia only, but there is a real desire of the banking sector to open up to all international banks and regional And Arabic.
He pointed out that the strong banking relations between the Iraqi and international banks, regional and Arab will be reflected positively on the trade movement between Iraq and the world.