Al-Sudani Confirms The Continuation Of The Banking Reform Process And Directs Bank Administrations To Simplify Procedures.
Monday, May 5, 2025 | Economic Number of readings: 243 Baghdad / NINA / Prime Minister Mohammed Shia Al-Sudani affirmed the continuation of the banking reform process, while
directing bank administrations to simplify procedures and encourage citizens to deposit. His media office said in a statement, “Prime Minister Mohammed Shia al-Sudani chaired a meeting today with the chairmen 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 for the economic sector were discussed.”
Al-Sudani emphasized that “all government sectors are linked to an efficient and flexible banking system that relies on modern technology,” noting that
“the government has adopted comprehensive plans for banking reform and contracted with private financial auditing firms, covering all banks, and has made significant progress in implementation.” He explained that
“the work of the First Rafidain Bank will be launched with a new look and vision, in partnership with specialized and well-known banks,” noting that
“a clear roadmap has been formulated to address the situation of the private banking sector, as a partner in development,
emphasizing the need for cooperation during the next phase to take effective steps towards reforming the economy.”
He pointed out that “the state should refrain from detailed intervention in sectors and assume a regulatory role,” indicating that efforts are being made to “engage the private sector and foreign companies in all major projects, as well as support local productive sectors, and absorb the imported cash flow into providing domestic goods and services to citizens as an alternative to imports, 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 have peace of mind about depositing their money in banks.”
For their part, the heads of the Iraqi banks’ boards, according to the statement,
“thanked the government for its support to the banks and its assistance in resolving their problems,” and emphasized the rise in credit and financial dependency indicators.
They pointed out that “the trading through electronic payment increased from (1.7) trillion dinars in 2020, to reach (21) trillion dinars in 2024,”
stressing
the 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.” /End 8 https://ninanews.com/Website/News/Details?key=1224874
Rafidain Regarding Depositors’ Funds: Fully Insured
Economy 2025-05-05 | 1,133 views Alsumaria News – Economic confirmed Rafidain Bank on Monday that its financial position is excellent and that it is committed to fully covering expenses.
While noting that the amounts withdrawn by the bank were from its sovereign accounts,
it emphasized that all depositors’ funds are fully insured.
The Director of the Payments and Reciprocal Accounts Department at the bank, Ahmed Thamer Al-Ghariri, told the official agency, followed by Sumaria News , that
“Rafidain Bank has not yet recorded any cases of failure to fulfill financial obligations,” indicating that
“things are proceeding properly.”
He added, “The bank’s financial position is excellent,” noting the bank’s “full commitment to covering customers’ expenses and obligations without any obstacles.”
He stressed that “the sums withdrawn by the Ministry of Finance are from its own sovereign accounts and have no relation to citizens’ deposits,” noting that
“more than 80% of government department accounts are deposited in Rafidain Bank,
which is naturally subject to the policies of the Ministry of Finance,
which can use these funds to serve the state’s financial policy,
leading to a natural increase or decrease in the bank’s balance.”
He pointed out that “all depositors’ funds, which number more than seven million customers, are fully insured, whether in reserves or other balances,” explaining that “the bank is fully committed to its customers with all current and future banking products.”
https://www.alsumaria.tv/news/economy/525111/الرافدين-بشأن-أموال-المودعين-مؤمنة-بالكامل
Chestertons Global Enters Iraq With Baghdad Office
Business Iraq IraqiNews May 2, 2025 1364 Baghdad (IraqiNews.com) – In line with its strategic expansion across the Middle East, UK’s Chestertons Global has announced the opening of a new office in Baghdad, Iraq.
This marks a significant milestone as the international property brokerage continues to strengthen its presence in the Middle East.
The Baghdad office will offer a full suite of property services, including
residential and commercial sales and rentals,
investment advisory,
valuations, and
market research.
Chestertons Global’s entry into Iraq is a timely move, as the country’s real estate sector continues its rapid development.
Valued at $1.12 billion in 2024, Iraq’s property market ranks among the largest in the Arab world and is expected to grow at an annual rate of 6%.
With over 100 offices across 21 countries, the addition of Iraq strengthens Chestertons Global’s international network and significantly enhances its capacity to serve clients in
one of the region’s most promising markets.
https://www.iraqinews.com/iraq/chestertons-global-enters-iraq-with-baghdad-office/
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