STATUS OF THE RV . PART. 3
šIn the articles titled āOUTCOMES OF THE SUDANESE MEETING ON REFORMING THE RAFIDAIN AND RASHID BANKSā and āHIS OFFICE: AL-SUDANI DIRECTED TO EXPEDITE THE REFORM PROCESS OF RAFIDAIN AND RASHID BANKS.ā
Prime Minister Mohammed Shia al-Sudaniās media office stated that the latter ādirected the preparation of plans to expedite the reform process of the Rafidain and Rashid banks in accordance with international standards. As we all know these are the two main state owned banks. They are most closely monitored by the Central Bank of Iraq.
If you can recall from the past, the audit group Ernst & Young, was hired to audit these banks and make recommendations for reforming them. So now we read that Prime Minister Mohammed Shia al-Sudani chaired a meeting on Sunday to follow up on reform measures for the Rafidain and Rashid banks, with representatives from Ernst & Young in attendance.
The meeting reviewed the progress of the banking reform process adopted by the government to restructure and develop Rafidain and Rashid banks, and discussed revising their internal regulations to be in line with international standards and the objectives of banking reforms.
The meeting also followed up on the procedures for establishing a new bank, Rafidain First Bank, which was approved during the Cabinet session held on January 13. Now there are going to be three main state owned banks. Why three?
Folks, I want to take a minute to explain something to you. How many times must Iraq tell us that their economy is on the brink of a huge breakthrough.
When all this money begins to flow, they will need more state-controlled banks to handle these transactions. I like the words ārevising their internal regulations to be in line with international standardsā. But we all know this was mostly already completed. Why are they telling us this again? Maybe there is some fine tuning to be done at these banks like training and anti-corruption measures being put in place?
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