Including increasing deposits and supporting private banks.. Sudanese issues directives to stimulate the activity of the private banking sector

Including increasing deposits and supporting private banks.. Sudanese issues directives to stimulate the activity of the private banking sector

2024 ,April 09

Including increasing deposits and supporting private banks.. Sudanese issues directives to stimulate the activity of the private banking sectorA government source revealed, today, Tuesday, that Prime Minister Muhammad Shiaa Al-Sudani issued a set of measures and steps to revitalize the private banking sector, while directing a study of the possibility of strengthening the needs of private bank branches abroad in foreign currency.

The source said, according to the official agency, “As part of the Iraqi government’s efforts to formulate a strategy that stimulates the activity of the private banking sector during the next stage, allowing it to engage more in efforts to diversify the economy and strengthen its foundations, Prime Minister Muhammad Shiaa Al-Sudani directed the adoption of a set of measures and steps in this regard, including :-

1 – The Ministerial Council for the Economy studies a proposal to increase deposits of government institutions and the central government with private banks, enabling them to provide more banking operations and contribute to the development of various vital sectors and increase their ability to provide various financing services inside and outside Iraq.

2- The support of the Iraqi government and the Central Bank of Iraq to private Iraqi banks through foreign institutions and banks, taking into account the credit rating of each bank.

3- Study the possibility of enhancing the needs of private bank branches abroad in foreign currency for the purposes of financing foreign trade – the private sector and in accordance with the applicable contexts.

4 – The Board of Directors of the Central Bank of Iraq determines the contribution of foreign capital to Iraqi banks and evaluates the reality of the situation in a way that benefits the Iraqi economy and in accordance with what is stated in Banking Law No. 94 of 2004.

5- Participation of representatives from the private banking sector when discussing relevant issues in all state institutions, including meetings of the Board of Directors of the Central Bank of Iraq.

6- Studying the reactivation of the financing initiative presented by the Central Bank of Iraq and in accordance with the contexts proposed by the Central Bank in this regard.

7- The Competition Affairs and Monopoly Prevention Council shall take the necessary measures under Law No. 14 of 2010 to prevent monopoly in banking services, provided that the Council shall submit reports to the Central Bank of Iraq and in coordination with it periodically and in accordance with the aforementioned law.

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