Economy Update – Baghdad
On Wednesday, the Parliamentary Finance Committee underscored its commitment to bolstering the banking system in Iraq by enacting supportive legislation, acknowledging the rapid advancement of digital transformation within banks.
Moeen Al-Kazemi, a member of the Parliamentary Finance Committee, addressed attendees at the ninth annual conference on finance and banking services in Iraq. He highlighted the committee’s proactive approach to aligning with the banking sector in the country, guided by the central bank, which oversees both public and private banking institutions to optimize their operational effectiveness. Al-Kazemi stated, “The Finance Committee is dedicated to supporting the banking system and enacting all necessary legal frameworks that benefit this sector.”
Al-Kazemi expressed a hopeful outlook for the conference’s outcomes, emphasizing the importance of reinforcing the banking infrastructure following a previous period of stagnation. “It is our aspiration that the ninth annual financial conference yields significant results,” he said, highlighting a vision for a progressive shift in the banking landscape.
Citing data trends, he noted that “the digital transformation in banks is accelerating according to the statistical analysis.” He stressed that banks must play a pivotal role in driving economic development by actively supporting investment projects.
Al-Kazemi shared that the Finance Committee anticipates a substantial increase in revenues, projecting $80 billion for the year 2024, with funds directed toward importing production lines rather than solely consumer goods. This strategic focus reflects an emphasis on enhancing Iraq’s industrial capabilities.
Expressing a readiness to collaborate, Al-Kazemi affirmed the committee’s openness to the conference’s recommendations, committing to the implementation of necessary legislation in alignment with the country’s economic progression. Iraq’s annual output of approximately $125 billion, comprising both oil and non-oil revenues, alongside contributions from the private sector, provides significant liquidity that enables the banking system to effectively manage financial operations.
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