The Iraqi Prime Minister Orders Banking Sector Reform

This information is from the Media Office of the Prime Minister of Iraq. On Tuesday, Iraqi Prime Minister Mohammed Shia al-Sudani led a meeting to monitor the progress of the banking reforms.

The Finance Minister, Governor of the Central Bank of Iraq (CBI), and directors of government banks attended the meeting as part of comprehensive economic reform.

During the meeting, the Prime Minister instructed all directors of government banks to develop a plan to improve bank operations within one month. As part of this plan, financial, human, and technological resources should be optimized, paper processes should be transitioned to digital, electronic transactions should be enabled, electronic payment services expanded, and a comprehensive vision for providing credit and loans must be established.

Al-Sudani stressed that bank directors would be evaluated based on their performance. He intended to emphasize the government's commitment to genuine reform, particularly in the banking sector, and make bold decisions to improve the investment environment.

During the meeting, there were discussions about implementing a comprehensive banking system utilizing advanced electronic programs and modern technology for all banking transactions. The restructuring plan proposed by Ernst & Young International (EY) for Rafidain Bank was also a topic of deliberation, intending to improve services for citizens and companies under international banking standards. As such, the Prime Minister encouraged banks to seek out specialized consultants in banking and finance to benefit from their international expertise.

Note:  Editor of  Iraqi Dinar News - We believe the banking sector reform is to ensure compliance with international standards and join global financial platforms.  At least, this is our hope.