The office of prime Minister Mohammed Shia Al-Sudani and the relevant financial institution issued a joint announcement these days, Tuesday, to launch a complete initiative for banking reform. A
joint announcement via Al-Sudani’s workplace and the primary bank received by means of / dinaropinions.com said that “banking reforms represent an critical pillar of the financial reform followed within the authorities program, and in order to complete the vital steps that the authorities has began on this framework since it began its work, and with a view to achieve a bundle of development goals that require banking development, the authorities, in cooperation with the valuable bank of Iraq, has launched into a comprehensive initiative that consists of an included strategic banking reform system, which constitutes a turning factor in the history of economic improvement in Iraq, and is steady with the extent of commitment to raising the extent of banking requirements, improving monetary flexibility, and helping the competitiveness of the monetary device.”
He persisted, “these comprehensive reforms aim to keep pace with trends within the countries of the area and the sector, and make contributions to establishing partnerships and prospects for communication with the outside international on a vast scale in present day banking and monetary transactions, because the imperative financial institution works to put in force and broaden regulatory and supervisory frameworks with global partners, which contributes to accomplishing sustainable increase and improvement of the banking area, just as the authorities works to assist the reforms and efforts of the imperative financial institution of Iraq in developing the country of the banking area.”
He delivered: these reform efforts have centered on the subsequent main areas:
1- Strengthening ownership structures and governance frameworks, by way of enhancing transparency and duty, via measures inclusive of the creation of diverse possession structures, and ensuring impartial supervision of boards of administrators over operations and committees.
2- raising the extent and requirements of carrier, by using increasing get entry to to primary monetary services for all individuals of the Iraqi humans, by improving efficiency, increasing the deliver of merchandise, and modernizing the infrastructure of the banking area.
3- Harmonization and conformity with global standards, via implementing dedication to recognized frameworks and practices within the regions of combating money laundering and preventing the financing of terrorism, as well as commitment to financial transparency that allows you to make sure easy banking services and support agencies and residents’ desires.
4- enhancing financial flexibility, with the aid of enhancing the financial safety of Iraqi banks and setting robust requirements for capital and coins liquidity, to defend client deposits and protect the economic system within the face of local and international demanding situations.
The assertion indicated that “this initiative comes within the framework of a broader approach aimed at modernizing the banking zone, which the central bank of Iraq is currently developing in partnership with the leading global management consulting company (Oliver Wyman), and the continued reforms carried out with government banks beautify the mixing of that approach, which represents a turning factor within the destiny of the Iraqi financial device.”
He delivered: “The government information of these reforms could be provided later.”
The statement concluded that “the government and the valuable bank affirm the adoption of a joint reform vision, that’s to set up a modern-day, transparent and comprehensive banking system that helps the aspirations of the dynamic economic system of the Iraqi nation.”
