The Central Bank begins the second phase of its banking reform strategy, 22 MAY

 The Central Bank begins the second phase of its banking reform strategy

Economy News = Baghdad

Samir Al-Nusairi

The Central Bank announced that it will launch the National Lending Strategy on 2024/5/25, which is a clear announcement of the beginning of the second phase of its banking reform strategy, and this means that it has completed the first phase of it by achieving tangible and important results in the field of regulating foreign trade financing and regularizing the global financial system through strict adherence to international compliance standards, building sober international banking relations with international banks and correspondent banks, and introducing local currencies for countries with trade exchange, which it is important to deal with cash in their local currencies, in addition to dealing in US dollars.

As well as activating and strengthening its procedures in the transition from the monetary economy to the digital economy and cooperating with the government in expanding the use of electronic payment tools and spreading the culture of transition to the cash society. Certainly, the above tasks have occupied a large space of efforts at the local and international level.

In the second phase, the focus will be on restructuring banks, especially government banks, and starting to implement new policies to support and develop small, small and medium enterprises, and directly with the establishment and approval of the Riyada Bank and the approval of the Green Bank, which will specialize in sustainable financing for renewable energy projects, as well as the orientation of digital banks to keep pace with progress in the field of modern digital banking products. The online platform will also be phased out this year.

One of the tasks that will begin to be worked on is to rehabilitate the restricted banks from dealing in US dollars to comply with international standards in light of the work of the joint committee between the Central Bank and the US Treasury, through which the work of these banks in the activity of foreign transfers for previous years will also be analyzed and audited in the hope that restrictions will be lifted.

What he expected from the procedures and policies adopted by the Central Bank in the first phase and what it has achieved and what will be achieved from the second phase of the banking reform strategy will be reflected in the stability of the exchange rate and the recovery of the Iraqi dinar inevitably.

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