Private banks in Iraq are considering reorganizing themselves with the government structure

The financial advisor to the Prime Minister, Mazhar Muhammad Salih, revealed that private banks in Iraq are considering reorganizing themselves in line with the government’s plans to reform the banking and economic sector.

Saleh told {Al-Furat News} agency, “One of the international companies that is currently evaluating the government banking system has been approved and will present a new vision for restructuring government banks and in accordance with modern banking principles in terms of competition, tools and activities that serve economic development in our country with high efficiency.”

He added, “There is a coordinated program that private banks are currently considering to reorganize themselves in a way that makes them a financial and economic force that contributes to advancing the national economy.”

Saleh stated, “The government supports the restructuring of private banks (traditional and Islamic), protecting and defending them as national capital.”

He noted that “banks’ wealth should be directed to economic development and in accordance with sound and positive policies that serve general economic activity and flow into the course of the state’s reform vision, and at the same time embody the spirit of partnership between the state and the private sector as a solid approach to shaping and building stability and progress of economic life in Iraq.”

Alforatnews.iq