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Finance decides to restructure Rafidain Bank


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Rafidain Bank logo
  

 banks


Economy News - Baghdad

An official source in the Ministry of Finance revealed that the ministry has restructured Al-Rafidain Bank as part of the reforms it is undertaking in the white paper.

The source, who preferred not to be named, told "Economy News", "The Ministry of Finance is currently working on restructuring the Rafidain Bank, which is represented by several measures, including the separation of the bank's board of directors from the Ministry of Finance and the introduction of a technical system instead of the current system used."

He added that the reforms also include the selection of a new manager for the Rafidain Bank, noting that the next phase, which will start after two years, may be a merger of the bank's branches.

 
 
Views 241   Date Added 10/13/2021
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  •  Time: 10/15/2021 21:10:20
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In detail.. The Ministry of Finance announces the restructuring of Rafidain Bank
  
{Economic: Al Furat News} The Ministry of Finance approved a package of reform measures related to the restructuring of the Rafidain Bank, according to the white paper.

A statement by the ministry, which Al-Furat News received a copy of, stated that "the reform package consists of several axes, including: creating a new internal system for the bank that complies with the governance guide issued by the Central Bank of Iraq, in which the board's management is independent of the bank's management, strengthening the independence of its work, and supporting efforts to complete Implementing the comprehensive banking system, in addition to strengthening and regulating the bank’s relationship with banking service providers.

The statement added, "The package of measures included reconsidering the bank's policies and procedures and making them more in line with the developments of the modern banking system in order to ensure the provision of the best and quality services by adopting a technical system to facilitate banking operations and carry out banking activities of economic feasibility in various sectors in a manner that serves economic activity and guarantees the rights of depositors and stakeholders." ".

The ministry also supports "the possibility of transferring the data of the bank's customers whose salaries are domiciled with the bank and those who received advances and loans from the service provider to the comprehensive banking system."

The statement continued, "With regard to human resources, it was emphasized, according to the reform package, the necessity of contracting with experts and specialists in the banking and financial sector to enhance the aspect of expertise aimed at raising the level of high-quality banking services, and in line with the advanced performance of the banking sector worldwide."

The Finance noted that "the restructuring procedures come within the framework of reforms designed to make the government banking sector compatible with the standards of governance of the Central Bank of Iraq."

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The Ministry of Finance decided, on Friday, to launch a package of reform measures related to the restructuring of Al-Rafidain Bank, according to the premises of the white paper.
A statement by the ministry stated that the reform package consists of several axes, including: creating a new internal system for the bank that complies with the governance guide issued by the Central Bank of Iraq in which the board’s management is independent from the bank’s management, strengthening the independence of its work, and supporting efforts to complete the application of the comprehensive banking system, in addition to strengthening The bank’s relationship with banking service providers and its organization.”
He added, “The package of measures included reconsidering the bank’s policies and procedures and making them more in line with the developments of the modern banking system in order to ensure the provision of the best and quality services through the adoption of a technical system to facilitate banking operations and carry out banking activities with economic feasibility in various sectors. In a manner that serves economic activity and guarantees the rights of depositors and stakeholders.
And he continued, "The ministry supports the possibility of transferring the data of the bank's national clients, their salaries with the bank, and those who received advances and loans from the provider of services to the comprehensive banking system."
He pointed out that "with regard to human resources, it was emphasized, according to the reform package, the necessity of contracting with experts and specialists in the banking and financial sector to enhance the aspect of expertise aimed at raising the level of banking services of high quality, and in line with the advanced performance of the banking sector worldwide."
The statement pointed out that The restructuring procedures come within the framework of reforms designed to bring the government banking sector into compliance with the standards of governance of the Central Bank of Iraq.

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 2021-10-16 09:33
 

Shafaq News/ The Ministry of Finance announced, on Friday, its approval of a package of reform measures related to the restructuring of Al-Rafidain Bank, according to the adoptions of the "white paper" on economic reform.

 

The ministry said in a statement received by Shafaq News Agency, that "the reform package consists of several axes, including: creating a new internal system for the bank that complies with the governance guide issued by the Central Bank of Iraq, in which the board's management is independent from the bank's management, strengthening the independence of its work, and supporting efforts to complete the application of the system." comprehensive banking, in addition to strengthening and regulating the bank’s relationship with banking service providers.

 

The package of measures included "reconsidering the bank's policies and procedures and making them more in line with the developments of the modern banking system in order to ensure the provision of the best and quality services through the adoption of a technical system to facilitate banking operations and carry out banking activities of economic feasibility in various sectors in a manner that serves economic activity and guarantees the rights of depositors and stakeholders," according to Financial statement.

 

The ministry also stated that it "supports the possibility of transferring the data of the bank's local customers, their salaries with the bank, and those who received advances and loans from the service provider, to the comprehensive banking system."

 

With regard to human resources, the ministry said that, "according to the reform package, it was stressed the need to contract with experts and specialists in the banking and financial sector to enhance the aspect of expertise aimed at raising the level of high-quality banking services, and in line with the advanced performance of the banking sector worldwide."

 

She pointed out that "the restructuring procedures come within the framework of reforms designed to make the government banking sector compatible with the standards of governance of the Central Bank of Iraq."

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 Baghdad: morning 
Within the procedures of the reform program and the contents of the white paper, the Ministry of Finance decided to restructure the Rafidain Bank, amid praise for this step and calls for other banks and departments to be included in this step. According to the Ministry of Finance, the reform package consists of several axes, including: creating a new internal system for the bank that complies with the governance guide issued by the Central Bank of Iraq in which the board’s management is independent of the bank’s management, strengthening the independence of its work, supporting efforts to complete the application of the comprehensive banking system, as well as strengthening The bank's relationship with banking service providers and its regulation.
 
In a statement to Al-Sabah, the financial expert Thamer Al-Azzawi promised that the Ministry of Finance's move is "positive", and that it is on the right path to developing the financial and banking sector.
He pointed out that {Iraqi banking systems lag behind their counterparts in the world and adopt routine procedures that are boring and unattractive to the citizen}.
The package of measures also includes a review of the bank’s policies and making them more in line with the developments of the modern banking system to ensure the provision of the best and quality services by adopting a technical system to facilitate banking operations and carry out banking activities of economic feasibility in various sectors, in a manner that serves economic activity and guarantees the rights of depositors and owners
 interests.
Al-Azzawi added that "banks should update their systems, deal intelligently with the customer, reduce procedures while providing facilities, as well as review interest rates and other matters that attract customers."
 
advanced performance
And the Ministry of Finance announced the possibility of transferring the data of the bank’s customers whose salaries are settled with the bank and those who received advances and loans from the service provider to the comprehensive banking system. With regard to human resources, it was emphasized, in accordance with the reform package, the necessity of contracting with experts and specialists in the banking and financial sector to enhance the aspect of expertise aimed at raising the level of high-quality banking services, in line with the advanced performance of the banking sector worldwide.
The restructuring measures are part of the reforms designed to bring the government banking sector into line with the standards of governance of the Central Bank of Iraq.
modern systems
Al-Azzawi called for "the introduction of modern technologies and systems to develop performance while raising the efficiency of workers in the context of keenness to provide the best competitive services, which tempts citizens who hoard their money outside banks, which may contribute to the recycling of billions of dinars." The white paper states: Rehabilitation of the banking system through the development of private banks, reform of government banks and the introduction and activation of the {basic banking system} in Rafidain and Rashid Banks and its activation, as well as accelerating the pace of development of electronic banking services.
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Economist: Restructuring Rafidain is part of the state's direction to activate the private sector
  
{Local: Al Furat News} The economic expert, Basem Antoine, said, on Sunday, that the restructuring of Rafidain is part of the state’s direction to activate the private sector.

Antoine told {Euphrates News} that "the direction of the state in general seeks to activate the private sector and give it a distinguished role and based on the directives issued by the Central Bank of Iraq to return the Rafidain Bank to the private sector and enhance its role and separate the administration from the rest of the departments so that there is independence in dealing without influences." In line with the state’s policy and the requirements of the International Monetary Fund, in activating the role of the private sector in managing the country’s financial wealth. 

It is noteworthy that the Ministry of Finance announced the day before yesterday, Friday, its approval of a package of reform measures related to the restructuring of Al-Rafidain Bank, according to the adoptions of the white paper.

A statement by the ministry stated, “The reform package consists of many axes, including: creating a new internal system for the bank that complies with the governance guide issued by the Central Bank of Iraq in which the board’s management is independent from the bank’s management, strengthening the independence of its work, and supporting efforts to complete the application of the comprehensive banking system, in addition to Strengthening and regulating the bank’s relationship with banking service providers.

The package of measures also included reconsidering the bank’s policies and procedures and making them more in line with the developments of the modern banking system in order to ensure the provision of the best and quality services through the adoption of a technical system to facilitate banking operations and carry out banking activities of economic feasibility in various sectors in a manner that serves economic activity and guarantees the rights of depositors and stakeholders.

The Finance confirmed that it supports "the possibility of transferring the data of the bank's customers whose salaries are localized with the bank and those who received advances and loans from the service provider to the comprehensive banking system."

With regard to human resources, the Ministry of Finance emphasized, “in accordance with the reform package, the necessity of contracting with experts and specialists in the banking and financial sector to enhance the aspect of expertise aimed at raising the level of banking services of high quality, and in line with the advanced performance of the banking sector worldwide.”

The Finance noted that "the restructuring procedures come within the framework of reforms designed to make the government banking sector compatible with the standards of governance of the Central Bank of Iraq."

Raghad Daham

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IMF Executive Board Concludes 2020 Article IV Consultation with Iraq

February 11, 2021

 

Washington, DC: On February 8, 2021 the Executive Board of the International Monetary Fund (IMF) concluded the Article IV consultation[1] with Iraq.

 

...Directors stressed that wide-ranging structural reforms are necessary to cement macroeconomic stability and pave the way for higher and more inclusive growth. They underscored that reform efforts should focus on stemming the financial losses in the electricity sector. This requires sustained efforts to strengthen governance and improve collection, as well as gradual adjustment of tariffs to increase cost recovery and reduce arrears. In addition, Directors emphasized the importance of reducing corruption in key public institutions, continued improvement and effective implementation of the AML/CFT framework, restructuring of large state-owned banks to foster financial stability, and developing the private sector...

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 2021-10-18 05:13
 

Shafaq News/ After the Ministry of Finance decided to take a package of reform measures related to the restructuring of Al-Rafidain Bank, which is one of the most prestigious and oldest Iraqi state institutions, and after years of pressure and demands from the International Monetary Fund to restructure Iraqi government banks and make them more in line with the economy, some financial policy specialists considered It is economical that this step is necessary to develop the work of banks in Iraq, but some have expressed their reservations about these measures, which may be ill-considered.

Structuring the prestige of the state

The professor of economics at the Iraqi University, Abdul Rahman Al-Mashhadani, said in an interview with Shafaq News Agency; “Banks should be restructured according to a market economy mechanism like other banks, even if the Rafidain Bank operates according to this mechanism and the returns it sets are higher even than commercial banks, but we want to separate the board of directors from the Ministry of Finance and have an independent authority in the financial decision.” Indicating that "the decisions of government banks are currently subject to the authority of the minister, and therefore in every budget when they put financing with a deficit, the bonds are sold compulsorily to the Rafidain, the Rashid and the Iraqi for trade because these banks are affiliated with them."

Al-Mashhadani noted; He pointed out that “the structuring should not go with it until we convert the bank to the private sector or transfer it to a part of the private sector,” noting that “Iraq has commercial banks that were not effective during the past period, knowing that it built its capital from the government because it lived on the foreign currency auction. It did not enter into development over the past period, nor did it work to collect funds from the public for use in development investment projects.

Al-Mashhadani stressed that "the Rafidain and Al-Rasheed banks are part of the prestige of the state and were established since the beginning of the establishment of the Iraqi state, and therefore it must be returned in a way that it does not turn into the private sector," adding that "the Iraqi Trade Bank is more modern and works according to techniques and technology, and therefore the Rafidain Bank can adopt the same techniques and technology." This bank has to be a source of attracting public funds and to operate on the basis of real and actual competition.

Displacement of thousands of employees

And the economic expert, Jalil Al-Lami, said in an interview with Shafaq News Agency, "The measure taken by the government is incorrect because it will lead to the displacement of thousands of employees and thousands of families will be affected," noting that "this matter, which will also include Al-Rasheed Bank, that it was better for the ministry to create new internal borrowing for the bank." comply with the governance guide issued by the bank and issue appropriate instructions with the current reality with the country, especially with regard to credit.

He adds that "the separation of the new board of directors to be formed from outside the bank from the management of the main bank is a dangerous procedure because banking secrets will be at risk," noting that "it would have been better in the ministry to activate the comprehensive system and adopt the sober company instead of relying on the Jordanian company, which has proven its failure in Iraq." Reducing the branches inside Iraq, especially those close to each other, and developing them, especially the leased ones, keeping the leased branches, and opening branches in important countries with which there will be commercial dealings, as is the case with Turkey and China.

Break out of the classic mold

Economist Durgham Muhammad Ali said in an interview with Shafaq News Agency, "The measures brought by the Ministry of Finance to restructure Rafidain Bank may seem positive and enhance the inclusion of Iraq's banking system within the Arab advanced banking systems and the Rafidain Bank exit from its classic template and activate its credit role and banking services if they are Correct vocabulary.

He points out that "the separation of the board of directors from the management of the bank will enhance the supervisory role over the performance of the general administration and branches, provided that transparent mechanisms and governance are followed for the selection of the board of directors and it enjoys real independence and not partisan dependence."

Muhammad Ali questions "the financial ability to restructure the bank according to what is required, as the vocabulary of the white paper appears to be reform, and its reality is damage and complication of the Iraqi economic scene."

to the world

For his part, the financial expert, Muhammad Al-Tahhan, considered in an interview with Shafaq News that "Al-Rafidain Bank is a prestigious institution, and it owns most of the deposits, most of which are governmental, but it is still technologically backward compared to international banks," noting that "it is time to develop its banking system and to be able to to enter the global banking market.

He adds that "putting the bank under the supervision of the Central Bank will give the bank a strong impetus to start offering a diversified bank credit because of the great experience that the Central Bank has in this field," explaining that "the importance of restructuring these banks and setting up advanced systems commensurate with the scale of development reached by countries. advanced world in this field. 

Al-Rafidain Bank was established under Law No. (33) of 1941 and started its business on 5/19/1941 with a paid-in capital of (50) fifty thousand dinars. The number of the bank’s branches currently owns (164) branches inside Iraq in addition to (7) branches abroad, which are: Cairo, Beirut, Abu Dhabi, Bahrain, Sanaa, Amman, Jabal Amman.

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On 10/17/2021 at 1:29 PM, Laid Back said:

You’re correct DoD. I Agree with your comment , this was a directive from IMF-SBA years ago. Now is part of the White Papers reform project.
 

~ White Papers


Axis 2: Achieving macroeconomic reforms according to strategic principles, giving priority to productive economic sectors, and creation of sustainable employment opportunities.

 

1- Rehabilitation of Financial sectors


(a) Banking sector
Objective:
The reform of this sector aims to “reform government banks towards working according to commercial standards, reduce their hegemony over the banking sector and pave the way for private banks to ensure the development of the sector and take its role as a lever for the Iraqi economy, end the role of government banks as an arm to finance government spending, return to the independence of these banks from the Ministry of Finance and restore people's confidence in the sector Banking in general”, through the following steps
1) Addressing the level of capital of all government banks and organizing the process of increasing their capital, if necessary
2) Establishing and activating the basic banking system in the Rafidain and Rasheed banks, and continuing with the steps previously taken towards restructuring these two banks after conducting a full financial review by international auditing companies
3) Appointing an international law firm to conduct a full audit of the international legal position of Al-Rafidain and Rasheed banks in order to return them to international dealings
4) Reconsidering the Industrial Bank Law and increasing its capital in order to expand its business base and present it as a model for reforming other government banks
5) Accelerate the development of electronic banking and mobile banking services to become the primary means of the payments system to encourage more access to traditional banking services and enhance financial inclusion.

6) Strengthening the ability of the Central Bank to perform its supervisory functions and enabling it to effectively supervise and regulate the banking sector, including the power of forced merger of low-performing banks
7) Implementing a deposit insurance system in order to enhance the confidence of depositors in the private banking sector
8- Complete the application of international accounting systems in all banks to improve their transparency practices and according to the Central Bank's instructions in this regard
9) Providing an appropriate environment to encourage private banks to lend a stimulus to the economy and move away from focusing on generating revenues through the issuance of guarantees, the currency window and other fees.
10) Adopting market mechanisms in determining the interest rate and profits for the Iraqi financial markets.

 

Iraq continues moving forward on their quest to an open market economy.

 

Go White Papers

Go reforms 

Go development 

Go growth 

Go RV

 

Thanks, Laid Back.

Are they only up to step 2, or have they done some of the other things in the White Paper?

I hope they're not going in order.  It would take another few years.

 

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5 hours ago, Floridian said:

 

Thanks, Laid Back.

Are they only up to step 2, or have they done some of the other things in the White Paper?

I hope they're not going in order.  It would take another few years.

 

You are welcome Floridian, 

 

There are 5 Axis on the White Paper Reform Project. They said it will take 3 to 5 years to complete the reforms.

 

Axis 1: Achieving sustainable financial stability with the aim of slowing down or stopping the financial bleeding and giving a longer opportunity to achieve the other structural reforms.


Axis 2: Implementing macroeconomic reforms according to strategic principles, giving priority to productive economic sectors and creating sustainable jobs, with the aim of providing realistic and sustainable economic alternatives based on the productive sectors that can be mobilized quickly to strengthen the non-oil sectors and their contribution to the GDP.


Axis 3: improving the basic infrastructure that contributes to the advancement of future sectors, with the aim of creating enabling platform to expand and diversify the economic base and re-map its strategic tracks in order to achieve the required competitiveness on the long term.


Axis 4: Providing the key services and rationalizing and directing social care, giving priority to the poor, and protecting them during and after the reform process. The aim is to meet the urgent needs of the population and provide the necessary protection for the vulnerable groups during the reform process and its remedial measures.


Axis 5: Develop governance and the legal and administrative environment to enable individual institutions to implement the reform. It aims at reforming the key institutions with leading roles in implementing the reforms and ensuring the sustainability of its effects.

 

This is just my opinion. I don’t think Iraq can wait 3 to 5 years to move to an open market economy with an international recognized currency.

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.The measure taken by the government is incorrect because it will lead to the displacement of thousands of employees and thousands of families will be affected," noting that "this matter, which will also include Al-Rasheed Bank..Thank You Yota ,Carrillo and Laidback. GE DV's. I remember years ago we were told to look for the restructuring of both the Rafidan and Rasheed State banks . We are in a fantastic place it seems ...

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5 minutes ago, blueskyline said:

.The measure taken by the government is incorrect because it will lead to the displacement of thousands of employees and thousands of families will be affected," noting that "this matter, which will also include Al-Rasheed Bank..Thank You Yota ,Carrillo and Laidback. GE DV's. I remember years ago we were told to look for the restructuring of both the Rafidan and Rasheed State banks . We are in a fantastic place it seems ...

Correct and if my memory serves me correct it was an extremely smart gentlemen named Scooter that said this is what we needed to look for and then the RV should happen!

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Quote

I don't like the term " stability " here because it feels like the CBI still wants to keep the current rate 1460 for a long period of time. 

I like it just slide the decimal over from the current rate, removing the zero. Issue Lower notes and remove the big notes out of circulation...anything else is a no go, no Purchasing Power, we all know that doesn't help the citizens...

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1 hour ago, yota691 said:

I like it just slide the decimal over from the current rate, removing the zero. Issue Lower notes and remove the big notes out of circulation...anything else is a no go, no Purchasing Power, we all know that doesn't help the citizens...

Thanks for your clarification yota. If the term " stability " means " just slide the decimal over from the current rate, removing the zero , issue lower notes, remove big notes out of circulation "( just the way you mentioned it ), then i like it very much. Bring it on.

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The National Approach: The Ministry of Finance’s Decision to Privatize Al-Rafidain Bank {Dangerous}
  
{Local: Al Furat News} The National Approach Alliance described, on Tuesday, the decision of the Ministry of Finance regarding the privatization of Al-Rafidain Bank as “dangerous” and that it is an emergency approach to Iraqi society.
 

The head of the coalition, Ammar Tohme, said in a statement that {Euphrates News} received a copy of it, “What the Ministry of Finance announced regarding the decision to restructure Rafidain Bank, which includes in one of its mechanisms announced by senior specialists in the position of authority options to privatize that sovereign institution, is unacceptable and calls for A patriotic stand by elites, academics and specialists giving public opinion about the danger of this urgent approach to Iraqi society. 
Tohme noted, "a set of observations came as follows:
1. The privatization of government banks and their subjection to the principle of partnership with the private sector in ownership contradicts Article (29) of the Investment Law of 2006, which prevents privatization activities in the fields of oil and gas extraction and the government banking sector.
2. Transferring the ownership of this bank, which represents the state’s financial sovereignty from the state to the private sector, or involving it in its ownership, strips the state’s exclusive sovereign right and transfers it to merchants and businessmen, which is a dangerous trend that threatens the state’s economic structure.
3. Some of the justifications put forward for this project, such as the bank’s losses from the external debts it owed, the exchange rate adjustment losses, the losses of war and the looting of its branches, all arose from the policy of the state or circumstances that the bank as a government institution had no choice or will in its occurrence and its effects. Reviewing the state's policy in the aforementioned field and not going to a decision that wastes and neglects the oldest national banking and financial institution.
4. This wrong decision will transfer the state’s dominance over more than (80%) of the Iraqi banking market assets to the control and control of influential political figures or parties by entering the process of transition towards privatization and partnership in the ownership of the bank! Which includes controlling the sovereign state funds and deposits of state ministries and government institutions 
5. One of the proposals for the so-called restructuring of the Rafidain Bank includes selling the bank’s shares and establishing joint ownership with traders and investors, and according to the conditions that prevail in the country, the same parties controlling the political scene and acquiring public money will return with money State the stolen year to buy shares and own this vital sovereign institution!.
6. Perhaps some fears also result from the dismissal of many cadres and employees of the bank and its branches, as the decisions of the bank’s board of directors will participate in drafting the partners in the ownership of the bank from merchants and investors, and they are looking to reduce production costs, of course, for the purpose of increasing their returns and profits to the highest extent.
7. One of the serious concerns of this decision is that it will be a mixed company for the new bank with the participation of private banks. The Iraqis continued their negative role in the currency auction and the depletion of the Central Bank reserves in the most difficult economic conditions that the country passed through without any positive development activities for the national economy.
8. We note the experiences of the same countries that adopted the free economy approach resorted to options opposite to what was proposed by the Iraqi Ministry of Finance, as Britain worked to establish a government bank after the financial crisis of 2007-2008, owned by the state.
9. The justification mentioned is that it aims to comply with the idea of governance and to separate the owner from the one who manages the administration. This measure can be taken while maintaining the bank’s ownership of the state and giving the administration flexibility in powers and not going for privatization and involving private banks by owning a share of the shares of Rafidain Bank, so no There is no logical connection between the two ideas, unless that is a justification under this title to pass the privatization approach, through which the powerful and those who possess the public money of the state's sovereign economic institutions will swallow up. 
10. Private private banks, according to this privatization project, receive revenues from issuing cash, and the matter does not stop at this point. Any issuance that the state resorts to to fill the budget deficit will benefit these banks participating in the ownership of the Rafidain Bank, which may open the door for the interventions of these banks and their impact even in Drafting the state’s general budget and loading it with exaggerated spending and an increasing deficit gap in order to be covered through cash issuances. These partner banks (in privatization) obtain more state funds and the state carries new debts in favor of these influential people.

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