high Minister Mohammed Shia Al-Sudani chaired a excessive-degree assembly with the heads of Iraqi banks on Monday, reaffirming his government’s commitment to banking reform as a pillar of broader monetary revitalisation. He directed all banks to simplify approaches, embrace present day technologies, and inspire public self belief by way of stimulating deposits.
The top Minister announced that Rafidain bank will soon relaunch with a new approach in partnership with legit international banks. He also confirmed that private auditing firms had been shrunk to evaluate all banks as part of a complete reform programme.
Al-Sudani known as for a roadmap to strengthen the non-public banking zone, which he defined as essential to Iraq’s development, and harassed that the kingdom could an increasing number of play a regulatory instead of interventionist role. He urged banks to put money into development projects, are looking for worldwide partnerships, and channel import-associated spending into local production to guide domestic enterprise.
bank executives welcomed the government’s reform time table and said big development, along with a upward thrust in digital payments from 1.7 trillion dinars in 2020 to 21 trillion dinars in 2024. They confirmed guide for the Oliver Wyman financial institution restructuring plan and provided to assist in domiciling private-area salaries.
