WILL BANKING REFORMS SOLVE OR DEEPEN IRAQ’S ECONOMIC CRISIS?
Will reforming the banking system change the fate of the Iraqi economy?
The financial advisor to the Iraqi Prime Minister, Dr. Mazhar Mohammed Salih, confirmed that reforming the banking system is one of the most important priorities of the government’s program, given its significant positive impact on various aspects of the Iraqi economy.
Saleh explained in his statements to “Al-Sabah” that the government’s vision for economic reform focuses largely on improving the banking system, noting that the first steps of this reform have begun through Rafidain Bank.
Saleh explained that the government banking sector currently dominates more than 85% of the banking system’s assets in Iraq, noting that banking operations and activities of this sector represent almost the same percentage of the total deposits and bank credit in the country. This dominance reflects the size of the government banking sector’s great influence on the banking system as a whole.
In conclusion, Saleh stressed that the government is committed to implementing further banking reforms to improve economic performance and enhance financial stability in Iraq, a necessary step to support economic growth and achieve sustainable development.
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