Al-Sudani confirms reform of the banking sector and directs simplification of procedures and encouragement of deposits.
Al-Sudani confirms reform of the banking sector and directs simplification of procedures and encouragement of deposits.
2025/05/05
Prime Minister Mohammed Shia al-Sudani affirmed, on Monday, the continuation of banking reform, while directing bank administrations to simplify procedures and encourage citizens to deposit their money in them.
Al-Sudani’s media office said in a statement received by Al Furat News that “the latter chaired a meeting of the heads of the boards of directors of Iraqi banks, during which the mechanisms for implementing the banking reform plans prepared by the government as part of comprehensive reforms of the economic sector were discussed.”
Al-Sudani emphasized that “all government sectors are linked to the existence of an effective and flexible banking system that relies on modern technology,” noting that “the government has adopted comprehensive plans for banking reform and contracted with private financial auditing firms, covering all banks, and has made significant progress in implementation.” He indicated that the work of the First Rafidain Bank will be launched with a new look and vision, in partnership with specialized and well-known banks.
He pointed to the “drafting of a clear roadmap to address the situation of the private banking sector, as a partner in development,” stressing the need for cooperation during the next phase to take effective steps toward economic reform. He emphasized the state’s avoidance of detailed intervention in sectors and its adoption of a regulatory role.
He explained that “work is being done to integrate the private sector and foreign companies into all major projects, as well as support local production sectors and absorb the imported cash flow into providing domestic goods and services to citizens as an alternative to imports, ensuring support for local investment.”
The Prime Minister directed banks to simplify procedures, participate broadly in the development process, and participate as investors in all available opportunities. He also directed banks to partner with foreign companies and work to build trust with citizens, which would help ensure they have peace of mind about depositing their money in banks.
For their part, the heads of the Iraqi banks’ boards thanked the government for its support to the banks and its assistance in solving their problems. They confirmed the rise in credit and financial accreditation indicators, and pointed out the rise in trading via electronic payment from (1.7) trillion dinars in 2020 to reach (21) trillion dinars in 2024. They confirmed their readiness to localize the salaries of private sector workers and their commitment to restructuring Iraqi banks and the (Oliver Wyman) plan, as it will be a comprehensive solution to most of the problems that the banking sector suffers from.
alforatnews.iq
