Banking and FinanceBanking Reforms

Baghdad’s Finance Minister Initiates Major Restructuring for Al-Rafidain and Rashid Banks to Boost Economic Stability

Finance Minister Discusses Restructuring of Government Banks and Insurance Sector

Baghdad – Finance Minister Taif Sami convened an extensive meeting today to advance the restructuring efforts of Al-Rafidain and Al-Rashid banks along with various insurance companies.

According to a statement from the ministry, Minister Sami met with the head of the Insurance Bureau, directors of government banks, representatives from insurance companies, and officials from the international auditing and control firm Ernst & Young. The primary focus was to assess the progress made in implementing the restructuring of these key financial entities.

Minister Sami emphasized the vital role that restructuring plays in bolstering financial stability and enhancing the operational efficiency of government banks in line with international standards. He underlined the necessity of advancing banking systems, enhancing internal controls, and conducting specialized training programs for banking personnel to deliver forward-looking financial services.

He stated, "The strategic plan will encompass the integration of modern banking technologies, such as electronic payment systems, improved transparency measures, and optimized capital management. Furthermore, it will aim to finalize a comprehensive banking system, foster cooperation with international financial institutions, leverage global expertise, and establish clear timelines for modernization initiatives that ultimately strengthen government banks and support the national economy."

Additionally, the Prime Minister’s Office recently announced the initiation of a banking system reform initiative in collaboration with the Central Bank of Iraq. This initiative is structured around four fundamental components and is being developed in partnership with Oliver Wyman, an international management consulting firm.

As the Iraqi banking sector undergoes this transformation, the emphasis on modernization and compliance with global practices indicates a proactive commitment to enhancing the country’s financial landscape.

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