Baghdad: Speaker of Parliament, Haibat al-Halbousi, affirmed on Sunday the Parliament’s support for the visions and directions adopted by the Central Bank to enhance monetary and financial stability and develop the performance of the banking sector.

According to Iraqi News Agency, the Speaker’s Media Office stated in a statement that “Speaker of Parliament, Haibat al-Halbousi, received the Governor of the Central Bank, Nizar Nasser Hussein, and his accompanying delegation.” The meeting discussed a number of issues related to monetary policy and the banking sector, and prospects for developing the financial system in Iraq.

The Speaker of Parliament affirmed “his support for the visions and directions adopted by the Central Bank, which contribute to enhancing monetary and financial stability, developing the performance of the banking sector, and raising the efficiency of financial institutions, in line with the requirements of the next phase,” stressing “the importance of continuing to work on updating and developing legislation related to banking and financial work, in order to provide a suitable legal environment for implementing reforms and keeping pace with economic and technological developments.”

The Speaker of Parliament affirmed the Council’s readiness to support the necessary legislative amendments that contribute to achieving these goals. He emphasized the importance of accelerating digital transformation in the banking and financial sector and expanding the use of technology and digital financial solutions, in order to enhance financial inclusion, improve the efficiency of banking services, reduce cash transactions, and contribute to enhancing transparency, combating money laundering, and curbing financial corruption.

Al-Halbousi pointed to “the need to strengthen coordination between the legislative authority, the Central Bank and relevant government agencies, in order to ensure the unification of efforts in addressing financial and banking challenges, supporting the investment environment, revitalizing the private sector, and achieving sustainable economic growth.”

For his part, the Governor of the Central Bank reviewed the bank’s key directions and plans for developing the banking sector and enhancing digital transformation and financial services. He emphasized the importance of institutional and legislative cooperation in achieving the desired goals.