Bank confirms accounts for three Iraqi institutions
Al-Sudani explores financial cooperation with J.P. Morgan Chase Bank in Davos
BAGHDAD, January 17 — Prime Minister Mohammed Shiaa’ Al-Sudani discussed opening accounts for Iraqi banks with J.P. Morgan Chase Regional CEO Khaled Haballah on Wednesday.
The bank reportedly confirmed a plan to open three accounts for private Iraqi banks.
A statement:
Prime Minister Mohammed S. Al-Sudani met in Davos with the Managing Director at J.P. Morgan for the Middle East and North Africa, Mr. Khaled Hobballah.
The meeting involved discussions about prospects of cooperation in financial fields, including the opening of accounts for Iraqi banks. Additionally, the possibility of the bank participating in the government’s efforts to promote electronic payment applications in Iraqi markets was explored.
They also explored coordinating technical efforts between the Central Bank of Iraq and J.P. Morgan Bank to develop ideas related to trading digital currencies by central banks.
The Prime Minister expressed Iraq’s desire for cooperation with J.P. Morgan, particularly in collaboration with the Iraq Fund for Development and its focus on financing private sector projects in Iraq. He underscored that Iraq is actively taking steps towards financial and banking reforms to bolster the development of this crucial sector.
For his part, Mr. Hobballah expressed J.P. Morgan’s readiness to strengthen cooperation with Iraq, the government, the Central Bank of Iraq, and the Iraqi banking sector. As an initial step, the bank confirmed its intention to open accounts for three private Iraqi banks.
Media Office of the Prime Minister
January 17, 2024
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