SUDANESE GIVES GOVERNMENT BANKS ONE WEEK TO SIMPLIFY THEIR PROCEDURES, 23 OCT

 SUDANESE GIVES GOVERNMENT BANKS ONE WEEK TO SIMPLIFY THEIR PROCEDURES, 23 OCT

(So this article is a follow on the results of the meeting Al-Sudani had with the CBI and the Bank directors. As you know the Parliamentary Finance Committee announced on Monday that it will host in the coming days the governor of the Central Bank of Iraq and its general directors regarding the lack of control over the exchange rate of the US dollar against the dinar. )

Prime Minister Muhammad Shiaa Al-Sudani directed the simplification of all banking procedures. He also directed the preparation of a proposed list of facilities and simplified procedures to be submitted within a week.

Al-Sudani’s office said in a press statement, “Within the framework of his follow-up to the plan to implement financial and administrative reforms in the financial and banking sectors, Prime Minister Muhammad Shia’ al-Sudani chaired a meeting that included the Governor of the Central Bank and the directors of government banks, in which the procedures and work mechanisms taken to achieve banking reform were discussed.” Which constitutes one of the basic steps for financial and economic reform that the government adopts in its executive approach.”

Al-Sudani stressed, according to the statement, that “financial reform is not just a slogan, but rather a series of terms and procedures that the government is determined to implement without hesitation, and will face all the challenges and obstacles that impede the progress of implementing systematic and thoughtful reform plans.”

The statement added that Al-Sudani “directed the simplification of all banking procedures, and the preparation of a proposed list of facilities and simplified procedures to be presented within a week, in addition to providing a summary of the obstacles that obstruct the banking reform process, and proposing effective and implementable treatments for them, in a way that helps in overcoming the approved traditional contexts, which… This prevents the government’s goal of developing this important economic and service sector from being achieved.”

(We can clearly see by the article news today that the financial reforms are not yet at the place they need to be with the banks. This may very well be a reason why the CBI is stalling the project to the delete the zeros. It is mid October already.)

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