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The birth of a new banking entity in Iraq.. A government advisor reveals {to Al-Furat News} the details
Time: 01/09/2025 21:27:26 Read: 3,510 times
{Economic: Al-Furat News} The , financial advisor to the Prime Minister Mazhar Muhammad Saleh, revealed
a study conducted by an international consulting company, commissioned by the state, to restructure Al-Rafidain and Al-Rasheed banks, which constitute 85% of the banking market in the country.
Saleh explained to Al-Furat News Agency,
“The two banks 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,
“The study aims to establish a new banking entity specialized in government banking operations, to meet the government’s needs exclusively.
This entity will contribute to achieving the goals of the unified treasury account, which is a crucial tool for regulating cash flows of public finances.” He pointed out that
"the study focuses on evaluating the legal status of the two banks, including
property rights,
evaluating assets and liabilities, and
studying the requirements of a strategic partner if necessary, with a focus on
developing the two entities to operate 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 into the national banking market and enable them to expand towards global financial markets, especially in the areas of financing trade and investment for the private sector." He continued,
"The two potential entities will rely on
modern compliance,
governance, and
risk management systems, with a focus on
digital payments." He concluded by saying:
"It is expected that the study will be presented to the highest official bodies in the coming months, within the framework of implementing the government program for financial and banking reform, which aims for a comprehensive economic renaissance and the building of modern financial institutions."
Earlier today, Thursday, Prime Minister Muhammad Shiaa Al-Sudani chaired a special meeting to discuss developing the work of government banks, in the presence of representatives of Ernst & Young for auditing and financial consulting.
The Prime Minister explained that the completion rate of the project to restructure Rafidain Bank has reached its final stages, confirming that
it will enter into implementation during the next few period, within the framework of a plan that has been studied and implemented in accordance with the set standards and specifications.
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