KTFA
FRANK26: "IRAQ POWER HOUSE BANKS MERGING FOR THE MONETARY REFORM"........F26
4 new decisions from the Central Bank of Iraq regarding government banks
- Baghdad
The Central Bank of Iraq revealed a new plan regarding government banks, including Rafidain and Rashid.
According to a document issued by the Central Bank of Iraq and received by "Al-Eqtisad News", "the meetings that took place with the Prime Minister, in the presence of the Governor of the Central Bank and the Minister of Finance, regarding the decision of the Council of Ministers held on 1/2/2024 and the proposed idea of transforming the Industrial Bank into a public joint-stock company with the contribution of local and foreign investors, and that the second phase would include the Agricultural Cooperative Bank, we explain to you below the new plan regarding the bank and other government banks
1- Rafidain Bank is being restructured by dividing it into two banks (the old one for government accounts, and the new one as a commercial bank/public joint-stock company).
2- After that, Rashid Bank will be merged with the new Rafidain Bank.
3- The Industrial Bank will be transformed into a public joint-stock company, and then the Agricultural Cooperative Bank will be acquired.
4- At a later stage, the Real Estate Bank will be merged with the Housing Fund.
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