The financial adviser to Prime Minister Mahhar Mohammed Saleh revealed a study conducted by an international consulting firm, commissioned by the state, to restructure the banks of Rafidain and Al-Rashid, which constitute 85% of the country’s banking market.
Saleh told {Al-Furat News} that “bankers suffer from a historical legacy of challenges, which requires a comprehensive reform plan to reposition them within the map of effective and efficient banking.”
Saleh added that “the study aims to establish a new banking entity specialized in government banking operations, to meet the needs of the government exclusively. This entity will contribute to achieving the objectives of the unified treasury account, which is a crucial tool for regulating the cash flows of public finances.”
He pointed out that “the study focuses on assessing the legal status of bankers, including property rights, assessing assets and liabilities, and studying the requirements of a strategic partner if necessary, focusing on developing the two entities to work according to advanced financial technology that meets the requirements of the national banking market.”
He stressed that “the structural reform also aims to enhance the integration of the two banks in the national banking market and enable them to expand towards global financial markets, especially in the areas of trade and investment financing for the private sector.”
“The two potential entities will rely on modern systems in compliance, governance and risk management, with a focus on digital payments,” he added.
He concluded by saying: “The study is expected to be submitted to the higher official bodies in the coming months, within the framework of the implementation of the government’s financial and banking reform program, which aims at a comprehensive economic renaissance and building modern financial institutions.”
Earlier on Thursday, Prime Minister Mohammed Shia Al-Sudani chaired a special meeting to discuss the development of the work of government banks, in the presence of representatives of Ernst & Young Auditing and Financial Consultancy.
The Prime Minister explained that the completion rate of the project for the structuring of Rafidain Bank has reached its final stages, stressing that it will enter into force during the next few period, within the framework of a plan that has been studied and implemented according to the standards and parameters drawn.
From.. Ragheed
https://alforatnews.iq/news/ولادة-كيان-مصرفي-جديد-في-العراق-مستشار-حكومي-يكشف-للفرات-نيوز-التفاصيل
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