Minister of Finance: We have a program to restructure government banks

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Minister of Finance: We have a program to restructure government banks

   

Economic News Agency - Minister of Finance: We have a program to restructure government banks (economy-news.net)

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Economy Baghdad News

Finance Minister Taif Sami revealed on Friday the existence of a program to restructure state banks.

The Ministry of Finance said in a statement, seen by "Economy News", that "the Minister of Finance chaired an extensive meeting with representatives of the international company Ernst & Young, which specializes in auditing and financial consulting, in the presence of the general directors of Rafidain and Rasheed banks, the Agricultural, Industrial and Real Estate Bank, and the National and Iraqi Insurance Companies, in order to determine an action plan and initiate steps to merge, organize and restructure a number of the ministry's institutions in line with the objectives of the policy of reforming the financial and banking sectors in the ministry."

She added that "the meeting discussed the draft submitted by Ernst & Young related to the organization and restructuring of Rafidain and Rasheed banks, the merger of the National and Iraqi Insurance Companies, discussing the proposed plan and implementation stages, determining the contract frameworks and formulating them in line with the priorities of reform and development, as well as discussing the study submitted by the company and diagnosing transformation obstacles and financial and legal solutions and treatments that ensure the safety of the merger and restructuring process."

The Minister of Finance explained - according to the statement - that "the ministry has a program to restructure government banks and is working on it in cooperation with the Central Bank of Iraq and the relevant international organizations, adding that the process of merger, restructuring and the introduction of modern financial technologies, will push towards making Iraqi banks internationally and locally accepted to provide services to the government financial system and individuals at the same time, determine the roles of banks and subcommittees and determine contract periods," pointing out that "the ministry's vision includes a comprehensive review and evaluation of the work of banks and reforms Structural administrative, involving providing a package of integrated banking services to citizens and companies and making them more in line with the national economy that supports achieving sustainable economic development."

Sami stressed the need to benefit from the expertise of sober international companies, which can play an effective and essential role due to their expertise and advice in drawing the right course for the projects implemented by the ministry in accordance with its financial policy that conforms to international standards and specifications.

The statement added that "Ernst & Young is one of the leading international companies, and has extensive experience and achievements in this field to regulate the work of financial institutions and has a solid professional history through its review of many central banks, commercial banks and major companies in the region and the world."

Views 116

Added 2024/01/12 - 8:53 PM

    

[BETTYBOOP]

Really??? How far in the friggin dark ages were this lot. They have been restructuring the banks forever

[horsesoldier]

Beyond ridiculous... misdirection, misinformation, uncertainty, now appearing to be not ready for prime time with we have another   stalling plan.

This is all Deja Vu' all over again for the 20th year in a row.

They're either concealing their true intentions (to RV) by all this chaos or the fix is in and the table tilted yet again that they have absolutely no intention of a RV.

If be the case, I hope the population rises up and " storms the castle "....and succeeds this time.

[Laid Back]

 The White Paper 

Axis 2.
 

- Rehabilitation of Financial sectors
Rehabilitate financial sectors through reforming state-owned banks, developing private banks, developing the insurance sector, and

upgrading the stock exchange market.
1) Addressing the capitalization level of all government banks, regulating the process of increasing their capital, if needed, and establishing and
operationalizing the Core Banking System in Al-Rafidain and Al-Rasheed
Banks.
2) Accelerate the development of electronic banking and mobile banking services.
3) Activate the deposit insurance system in order to enhance the confidence of the people in the private banking sector.
4) Finalize roll-out of international accounting systems (IFRS) to all banks, to improve their transparency practices.
5) Increase insurance thresholds that enable insurance companies to cover large economic projects.
6) Enacting a new securities law and review the guidelines of establishing a Custodian bank.
7) Opening other specialized markets such as the commodity market and the currency exchange market (Forex)

 

Go stronger dinar

Go international 

Go Forex

 

[boosterbglee]

Sounds really good, but also sounds like another 20 year wait!  

No one knows how close or far they are to implementing anything!

[BETTYBOOP]

@Laid Back Many thanks. I love how you can decipher  information and make sense of it when some of us can't. Thanks again

[JonnyV]

They will never tell us exactly what they are doing and when so let it go and come to us when the time is right. 

[Dretown39]

1 hour ago, Laid Back said:

 The White Paper 

Axis 2.
 

- Rehabilitation of Financial sectors
Rehabilitate financial sectors through reforming state-owned banks, developing private banks, developing the insurance sector, and

upgrading the stock exchange market.
1) Addressing the capitalization level of all government banks, regulating the process of increasing their capital, if needed, and establishing and
operationalizing the Core Banking System in Al-Rafidain and Al-Rasheed
Banks.
2) Accelerate the development of electronic banking and mobile banking services.
3) Activate the deposit insurance system in order to enhance the confidence of the people in the private banking sector.
4) Finalize roll-out of international accounting systems (IFRS) to all banks, to improve their transparency practices.
5) Increase insurance thresholds that enable insurance companies to cover large economic projects.
6) Enacting a new securities law and review the guidelines of establishing a Custodian bank.
7) Opening other specialized markets such as the commodity market and the currency exchange market (Forex)

 

Go stronger dinar

Go international 

Go Forex

 

Well from reading & noticing the last item on the list in bold tells me that are just about finished. This seems good. Let me know if I interpreted that wrong.

[screwball]

24 minutes ago, Dretown39 said:

Well from reading & noticing the last item on the list in bold tells me that are just about finished. This seems good. Let me know if I interpreted that wrong.

Yep….possibly last thing to do….

[screwball]

1 hour ago, Laid Back said:

Rehabilitate financial sectors through reforming state-owned banks,

IMF requirement….

[screwball]

1 hour ago, Laid Back said:

7) Opening other specialized markets such as the commodity market and the currency exchange market (Forex)

 

Go stronger dinar

Go international 

Go Forex

This is boom time 

[Longtimelurker]

2 hours ago, horsesoldier said:

Beyond ridiculous... misdirection, misinformation, uncertainty, now appearing to be not ready for prime time with we have another   stalling plan.

This is all Deja Vu' all over again for the 20th year in a row.

They're either concealing their true intentions (to RV) by all this chaos or the fix is in and the table tilted yet again that they have absolutely no intention of a RV.

If be the case, I hope the population rises up and " storms the castle "....and succeeds this time.

Maybe this is part of exposing the central bank before the collapse

[horsesoldier]

18 minutes ago, Longtimelurker said:

Maybe this is part of exposing the central bank before the collapse

Things are now all over the map, that's disquieting. By design to confuse before they RV ( surprise!!!) or is this another non event year, better luck next year.

I'm certain everyone here is exhausted with the prospects of yet...well, looks like 2025. 

Shaping up to look like that... again. We'll know by the end of the 1st quarter.

All the best 

[Laid Back]

2 hours ago, Dretown39 said:

Well from reading & noticing the last item on the list in bold tells me that are just about finished. This seems good. Let me know if I interpreted that wrong.

It is GOOD.

all part of the reform project.

 

We wait.!

 

 

[rvmydinar]

3 hours ago, boosterbglee said:

Sounds really good, but also sounds like another 20 year wait!  

No one knows how close or far they are to implementing anything!

Agree and just count our blessing.