Iraqi PM pushes for comprehensive financial reforms, targets speculators exploiting crises, 11 OCT

 Iraqi PM pushes for comprehensive financial reforms, targets speculators exploiting crises

ERBIL (Kurdistan24) – Iraqi Prime Minister Mohammed Shia al-Sudani chaired a high-level meeting on Monday to review and accelerate a comprehensive reform plan for Iraq's financial and banking sector. Attendees included the Minister of Finance, the Governor of the Central Bank of Iraq, and key advisors alongside directors of government banks.

During the meeting, al-Sudani emphasized the importance of stricter oversight of financial transfer operations, calling for rigorous inspections to curb the activities of speculators exploiting regional crises for personal gain at the expense of Iraq’s public interest.

He directed the Ministry of Finance, the Central Bank, and bank managers to simplify financial procedures for business owners, particularly in relation to money transfers.

Al-Sudani also ordered the formation of a specialized team to develop response strategies for the ongoing economic and financial challenges. This team will focus on restoring investment tools within the Central Bank and linking them to each bank's deposits to enhance financial stability.

Key points of the meeting included discussions on the progress of financial reforms, the implementation of monetary policies, and steps being taken by banks in collaboration with Ernst & Young to improve their operations. al-Sudani stressed the need to overcome obstacles preventing full activation of previous Council of Ministers’ decisions and emphasized the importance of providing better services to customers.

The meeting also focused on boosting banks' ability to attract deposits, with the goal of enhancing the banking sector's role in financing development projects and promoting economic growth. In this context, al-Sudani called for a review of the benefits offered to depositors.

Finally, al-Sudani highlighted the increasing use of electronic payment systems in Iraq, directing the launch of a government incentive program, including cash refunds, to further encourage citizens to adopt digital payment methods.