Al-Sudani directs the preparation of plans to accelerate the reform process of Rafidain and Rashid banks in accordance with international standards.
Al-Sudani directs the preparation of plans to accelerate the reform process of Rafidain and Rashid banks in accordance with international standards.
2025-03-23
Prime Minister Mohammed Shia al-Sudani has directed the preparation of plans to expedite the reform process of the Rafidain and Rashid banks in accordance with international standards.
A statement from his media office said that Prime Minister Mohammed Shia al-Sudani chaired a meeting on Sunday to follow up on reform measures for the Rafidain and Rashid banks, with representatives from Ernst & Young in attendance.
During the meeting, the stages of work on the banking reform adopted by the government to restructure and develop Rafidain and Rashid banks were reviewed. The review of their internal regulations was also discussed in order to be consistent with international standards and the objectives of banking reforms. The two banks’ debts, their repayment mechanisms, and the measures taken to train their staff were also discussed. In this regard, the Prime Minister directed the continuation of the reform process for the two banks, and for their administrations to develop strategies that contribute to accelerating the reform process.
According to the statement, the meeting followed up on the procedures for establishing a new bank, Rafidain First Bank, which was approved during the Cabinet session held on January 13. The bank’s vision is to adopt modern technologies and international standards that will help implement the government’s financial and banking reform objectives, which will have a positive impact on the country’s economic trajectory and development.
Ernst & Young submitted a report reviewing the financial and technical offers for the project to establish the First Rafidain Bank.
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