Banking and FinanceBanking Reforms

Finance Minister Unveils Key Steps for Banking Restructuring

Restructuring Initiatives for Government Banks and Insurance Firms

Financial Minister’s Update

On Wednesday, Finance Minister Taif Sami convened a significant meeting focusing on the ongoing restructuring of Al-Rafidain and Al-Rasheed banks, as well as the insurance sector. The meeting included the head of the Insurance Bureau along with directors from various government banks and insurance companies, in collaboration with Ernst & Young, an international auditing and consulting firm.

Objectives of the Restructuring

As indicated by Minister Sami, the restructuring initiative is pivotal in reinforcing financial stability and enhancing the operational efficiency of government banks, aimed at aligning with international standards. He emphasized the essential need to develop banking systems, bolster internal controls, and implement targeted training programs for banking personnel to provide advanced financial services.

Strategic Plan for Modernization

The strategic blueprint under discussion will encompass the adoption of modern banking technologies, including electronic payment systems. Objectives also include improving transparency, optimizing capital management, and finalizing a comprehensive banking system. Furthermore, the initiative aims to foster cooperation with international financial institutions, leveraging global best practices, and establishing specific timelines for implementing modernization processes that increase the efficiency of government banks and bolster the national economy.

Government Initiative Announcement

In a related development, the Prime Minister’s Office has announced a collaborative initiative with the Central Bank of Iraq, consisting of four main components aimed at reforming the banking system. This effort will be in partnership with Oliver Wyman, a global management consulting firm, reinforcing the direction toward a more robust banking framework.

By focusing on these critical areas, the Iraqi government seeks to ensure a more resilient financial landscape that supports economic growth and stability.

Shares: