Iraqi PM Orders Reform Of Banking Sector
Date
11/15/2023 8:20:18 PM
(MENAFN- Iraq Business News)
By John Lee.
Iraqi Prime Minister, Mohammed Shia al-Sudani, led a meeting on Tuesday to monitor the progress of banking reforms.
The session, attended by the Finance Minister, Governor of the Central bank of Iraq (CBI) , and directors of government banks, focused on administrative and banking reforms initiated by the government as part of comprehensive economic reform.
During the meeting, the Prime Minister instructed all government bank directors to prepare a plan within one month for enhancing bank operations. This plan should optimize financial, human, and technological resources, transition from paper to digital processes, enable electronic transactions, expand electronic payment services, and establish a comprehensive vision for providing credit facilities and loans.
Al-Sudani emphasized that bank directors would undergo performance evaluations based on plan implementation and achievements. He underscored the government's commitment to genuine reform, particularly in the banking sector, and expressed determination to make bold decisions to improve the investment environment and develop both public and private sectors.
The meeting discussed the implementation of a comprehensive banking system using advanced electronic programs and modern technology in all banking transactions. It also involved deliberations on the restructuring plan presented by Ernst & Young International (EY) for the Rafidain Bank , aiming to enhance its services to citizens and companies, aligning with international banking standards. In this regard, the Prime Minister urged banks to leverage international expertise by contracting specialized consultants in banking and finance.
(Source: Media Office of the Prime Minister)
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