The Central Bank clarifies its vision for reforming the banking sector

The Central Bank clarifies its vision for reforming the banking sector

10/15/2020 08:32:01

The Central Bank clarifies its vision for reforming the banking sector(Baghdad: Al Furat News) A few days ago, the Central Bank of Iraq presented a vision to reform the reality of the banking sector in the country to strengthen the financial stability system based on competition.
The Governor of the Bank, Mustafa Ghaleb Makhaif, stated in a press statement that “the future vision for the work of the Central Bank of Iraq is centered in light of the economic crisis through the goals it seeks to achieve and specified under its amended Law No. 56 of 2004, the most important of which are (ensuring the stability of local prices and strengthening the system A stable financial system based on competition), to continue achieving the strategic objectives set out in the 2016-2020 plan.
“To this end, the bank recently presented the terms of the reform paper for the banking sector, which has been initiated now, because of its importance in developing banking services and products in the next stage, and through it, the banking sector will be supported to advance its current reality. Of the specific criteria adopted by the bank, and on the basis of which the operating banks were classified.
He pointed out that “this classification will be reviewed at the end of this year, and continue to do so for the following seasons.”
He said, “This step comes within the framework of enhancing confidence in the banking sector and improving the quality of services provided to the public, as well as enhancing competitiveness in the Iraqi banking sector.” Once again, “the previous central bank confirmed in the request to banks that are lagging more than once to work” to correct their situation and pay dues. customers “, stressing that” this category will be an opportunity for those banks to prove its seriousness in achieving reform requirements and the payment of depositors and shareholders dues owed by those banks. ”

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