Assigning two international companies to study the Iraqi banking market
Economy News – Baghdad
The financial adviser to the Prime Minister, Mazhar Mohammed Saleh, announced on Sunday that the government is in the process of having a banking system based on the foundations of the competitive market, while pointing to the assignment of two international companies to study the Iraqi banking market.
Saleh told the official agency: “The government strategy in banking reform began with the government banking sector under the supervision of the Prime Minister and is based on isolating government financial operations from the activity of developing the banking market, because the government banking sector in its current traditional form dominates 88% of the country’s banking activity, which made government banking operations mixed with market activity.”
He added, “We are waiting for the birth of a banking system owned by the government but based on competitive market foundations in the provision of banking services, the achievement of actual financial inclusion and digital financial inclusion, and is in line with the digital payments policy that our country has been working strongly for more than a year,” pointing out that “the private banking sector, the other, is experiencing the evaluation stage and there are opportunities for voluntary integration between more than one bank, including an international strategic banking partner.”
He pointed out that “the objectives of banking reform in Iraq will end with a high integration that achieves competitiveness, homogeneity, compliance and governance within the Iraqi banking market, and achieves the integration of the national banking market with the global market,” pointing out that “the entire issue is strictly followed by Prime Minister Mohammed Shia Al-Sudani after assigning two international companies to study the Iraqi banking market and according to a new vision that is in line with the need of the national economy for credit, investment and mobilize the public’s resources to ensure the national income cycle, which is more stable and efficient.”
As for the private sector, Saleh explained that “the launch of the philosophy of development partnership between the state and the private sector was embodied for the first time in the government’s granting of sovereign guarantees to the private industrial sector to collect international loans to finance production lines for the most important industrial projects from the European Union and Japan,
which leads the future of development and at five levels of industries, starting with ensuring the financing of infrastructure industries related to the development path, the pharmaceutical, petrochemicals and refining industry and ending with important digital industries, without neglecting the interest in supporting the agricultural sector and farmers in protecting the country’s food security from the production of important strategic food crops.”
He stressed that “the government did not overlook the national strategy for the private sector, which hopes that the contribution of the private sector to the country’s GDP will rise from 37% currently to more than 54% in the coming years, by providing opportunities for raising the private sector by supporting government development financing for it,
whether through the Iraq Development Fund or Riyada Bank (a mixed sector) established by the Central Bank of Iraq to promote the role of the private sector in development and raise growth rates in its investments and contributions to the country’s GDP and in accordance with the private sector development strategy adopted by the government for years.”
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Added 2024/11/24 – 3:44 PM
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