The Central Bank talks about its vision to reform the reality of the Iraqi banking sector
Baghdad – The Central Bank of Iraq discussed the means to include a vision for reforming the reality of the banking sector in the country.
The Governor of the Bank, Mustafa Ghaleb Makhaif, said in an interview with the official newspaper followed by “Nass”, (October 15, 2020) 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 Law No. (56) Of the revised year 2004, the most important of which is (ensuring the stability of domestic prices and strengthening a stable financial system based on competition), to continue achieving the strategic objectives set out in the plan (2016-2020).
In order to do this, the governor explained, “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, and a group of The specific criteria adopted by the bank and on the basis of which the operating banks have been classified, “indicating that” this classification will be reviewed by the end of this year, and this will continue for the seasons of the following year. ”
“This step comes within the framework of strengthening 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,” Mkhaif stressed, reiterating the previous central bank’s confirmation in the request to banks that are lagging more than once to work to correct their situation and pay dues. Her customers. ”
The governor of the Central Bank stressed that “this classification will be an opportunity for those banks to prove their seriousness in achieving the requirements of reform and to pay the dues of depositors and shareholders owed by those banks