Rafidain Bank in a new look: Al-Sudani announces a new banking era in Iraq
Prime Minister Mohammed Shia al-Sudani confirmed on Monday that the government has adopted comprehensive plans for banking reform and contracting with private financial auditing firms, covering all banks. He also indicated that the work of the First Rafidain Bank will be launched with a new look and vision, and in partnership with specialized and well-known banks.
A statement from the Prime Minister’s Office, received by Shafaq News Agency, stated that “Al-Sudani chaired a meeting of the heads of the boards of directors of Iraqi banks, during which the mechanisms for implementing the banking reform plans prepared by the government as part of comprehensive reforms of the economic sector were discussed.”
Al-Sudani stressed, according to the statement, that “all state sectors are linked to the existence of an effective and flexible banking system that relies on modern technologies,” noting that “the government has adopted comprehensive plans for banking reform and contracted with private financial auditing companies, covering all banks, and has made great strides in implementation.” He indicated that “the work of the First Rafidain Bank will be launched with a new look and vision, and in partnership with specialized and well-known banks.”
He pointed to “the formulation of a clear roadmap to address the situation of the private banking sector, as a partner in development,” stressing “the need for cooperation during the next phase to take effective steps to reform the economy,” and affirming “the state’s distancing from detailed intervention in sectors and assuming the role of regulator.”
Al-Sudani pointed to “working to integrate the private sector and foreign companies in all major projects, as well as supporting local productive sectors and absorbing the imported cash flow into providing domestic goods and services to citizens as an alternative to imports and ensuring support for local investment.”
The Prime Minister directed banks to “simplify procedures, participate broadly in the development process, participate as investors in all available opportunities, move toward partnerships with foreign companies, and work to build trust with citizens, which will help ensure they feel secure depositing their money in banks.”
For their part, the heads of the Iraqi banks’ boards thanked the government for its support to the banks and its assistance in solving their problems. They confirmed the rise in credit and financial accreditation indicators, and pointed out the rise in trading via electronic payment from (1.7) trillion dinars in 2020, to reach (21) trillion dinars in 2024. They confirmed their readiness to localize the salaries of private sector workers, and their commitment to restructuring Iraqi banks and the (Oliver Wyman) plan, as it will be a comprehensive solution to most of the problems that the banking sector suffers from, according to the government statement.
Shafaq.com