The Central Bank presents its vision for reforming the banking sector

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The Central Bank presents its vision for reforming the banking sector

Thursday 15 October 2020 130

https://alsabaah.iq/32881/

 

 Baghdad: Hazem Muhammad Habib

 

 

A few days ago, the Central Bank of Iraq put forward a vision to reform the reality of the banking sector in the country to strengthen the financial stability system based on competition.

The governor of the bank, Mustafa Ghaleb Makhaif, told Al-Sabah that “the future vision for the work of the Central Bank of Iraq is centered in light of the economic crisis through the goals it seeks to achieve and specified under its amended Law No. 56 of 2004, the most important of which is (ensuring the stability of domestic prices And the promotion of a stable financial system based on competition), to continue achieving the strategic objectives set out in the 2016-2020 plan. ”

The governor explains, “In order to do so, the bank recently proposed the terms of the reform paper for the banking sector, which has been initiated now, because of its importance in developing banking services and products in the next stage, and through it the banking sector will be supported to advance its current reality. Of the specific criteria adopted by the bank and on the basis of which the operating banks were classified, ”indicating that“ this classification will be reviewed by the end of this year, and this will continue for the following seasons. ”

The governor of the Central Bank says: “This step comes within the framework of strengthening confidence in the banking sector and improving the quality of services provided to the public, as well as enhancing competitiveness in the Iraqi banking sector.” Their conditions and the payment of their customers' dues, ”stressing that“ this classification will be an opportunity for these banks to prove their seriousness in achieving the requirements of reform and pay the dues of depositors and shareholders owed by those banks