The government forms a higher committee to adapt Iraqi banks to international financial requirements, 20 SEPT

  The government forms a higher committee to adapt Iraqi banks to international financial requirements

9/19/2024

Prime Minister Mohammed Shia al-Sudani announced on Thursday the formation of a higher committee to address the work of Iraqi banks in accordance with international financial requirements, while directing private banks to build balanced relations with financial institutions, Arab banks and investors.

Al-Sudani's media office stated in a statement received by Shafaq News Agency that the latter received today the head of the Private Banks Association and a number of directors of private banks, and was informed of the problems facing the banking sector in Iraq.

Al-Sudani pointed to the measures taken by the government to support the private sector in general, and the banking sector in particular, as part of the priority of economic reform, in which the government has made advanced progress.

He explained that "there is no alternative but to have capable Iraqi banks that adopt all financial standards to participate in development and building the country," stressing the importance of the Banking Association dealing with government trends and investing in opportunities.

He pointed out the readiness of Arab and foreign banks whose representatives visited Iraq to cooperate with the government in implementing its vision and development plans.

Al-Sudani announced the formation of a higher committee to develop treatments for the work of banks, to be in line with the requirements of work in the international financial arena, confirming the Central Bank’s contract with Oliver Wyman Company with the aim of developing the banking and financial sector.

He directed the Banking Association to build balanced relations with financial institutions, Arab banks and investors to support banking work. He also directed the preparation of a draft resolution to be presented to the Council of Ministers, which includes obligating ministries to provide facilities that support the banking sector in Iraq.  LINK