Prime Minister's Advisor: We are moving towards reforming the government banking sector

[RJG]

Prime Minister's Advisor: We are moving towards reforming the government banking sector

Economic  2024/08/01

 

 

 Baghdad: The pillar of the emirate

The financial advisor to the Prime Minister, Dr. Mazhar Mohammed Salih, stated that reforming the banking system is one of the most prominent priorities of the government program, due to its positive impact on all aspects of the economy, indicating that the first steps of this reform began through the government banking sector, which currently dominates more than 85 percent of the banking system's assets, and its banking operations and activities account for almost the same percentage of total deposits and credit.
Earlier, Prime Minister Mohammed Shia al-Sudani chaired a special meeting to develop the work of government banks, and directed the finalization of procedures for developing the work of Rafidain Bank. The Prime Minister
's media office said that during the meeting, which was attended by representatives of Ernst & Young for auditing and financial consulting, Al-Sudani was briefed on the technical and administrative procedures for the Rafidain Bank development project, which were taken during the period following the signing of the contract with the company specialized in structuring and developing work in the banking sector.
It is noteworthy that the Rafidain Bank development plan includes a comprehensive review and evaluation of the bank's work, and structural administrative reforms, aiming to provide a package of integrated banking services to citizens and companies, relying on advanced electronic programs, modern technology in all banking transactions, optimal use of human and technical resources, and transitioning to automated work, which helps the bank's ability to meet
global banking requirements.
Advisor Saleh told Al-Sabah: "The government's vision for economic reform focused largely on banking reform, which is one of the priorities of the government's program, and the first steps began through Rafidain Bank," noting that "the reform principles established by the government program, which was approved by the House of Representatives, are based on regular executive priorities, foremost of which is reforming the banking sector, as the Prime Minister's vision for economic reform focused on reforming the government banking sector, which currently dominates more than 85 percent of the banking system's assets, and its banking operations and activities account for almost the same percentage of total deposits and
bank credit."
Saleh pointed out that this beginning came because these banks are large and important, but they are burdened with the legacy left by the conflicts of the past half century and their repercussions on the efficiency of this large banking system, whose capital base still constitutes only a low percentage not exceeding 22 percent of the total capital of the banking system, indicating that "in light of this banking dominance burdened by inherited problems, our country suffers from limited growth in the activity of the banking market and its division between private banks, the number of which exceeds 50 banks, but they are limited in activity in deposits and credit, but they do not have a unified and homogeneous competitive banking market with government banks, as government banks monopolize market shares and banking activity and they are suffering greatly and their activity lives on sovereign banking liquidity as they are banks of a purely rentier nature that deal with large government deposits that affect their liquidity."
The government advisor explained that "in order to advance the Iraqi banking market, the first steps of reform have inevitably begun with government banks, especially major commercial banks such as Rafidain Bank. Based on the above, and with the aim of making government banks operate according to capital efficiency standards and lead the financing and development activity in the country on competitive foundations that provide financial inclusion at the same time, the study being prepared by the global auditing and accounting firm Ernst Young is based on the principle of creating a highly efficient government commercial banking sector that takes the initiative with the rest of the banking market in financing market activity on digital foundations and financial and accounting technologies in accordance with modern financial engineering.
He pointed out that this leads to the birth of a government bank specialized in managing government banking operations exclusively and is a fundamental pillar in organizing the treasury account and stabilizing government cash flow budgets, i.e. at the same time being the arm of public finance in government banking organization."
Saleh believes that these steps can achieve the goals that lead to “the birth of a homogeneous banking market that operates according to competitive principles and can integrate with the local and international financial and banking system with high credit and banking efficiency required by the goals of sustainable development and the requirements of the availability of market institutions and their integration between financing services on the one hand and real investment and production growth on the
other hand.”

https://alsabaah.iq/100342-.html

[BETTYBOOP]

Reform of the banking system..... Again...

[bkeiller]

9 minutes ago, BETTYBOOP said:

Reform of the banking system..... Again...

 

Getting Iranian sticky fingers out of the system with need on-going reform!?

 

[horsesoldier]

The only thing these idiots are serious about is stealing $$$$$. 

[Longtimelurker]

1 hour ago, BETTYBOOP said:

Reform of the banking system..... Again...

The banking system they just completed last year is outdated now lol

[Laid Back]

2016-2020 CBI reform plan

2020-2025 White Paper Reforms 

The never ending story of Banking Reforms 

 

Go new monetary policy 

Go end exchange control

Go financial inclusion 

Go liquidity 

Go economic growth 

Go stronger dinar

[horsesoldier]

43 minutes ago, Longtimelurker said:

The banking system they just completed last year is outdated now lol

Probably or they just BS'd everyone into believing they did it, when they hadn't at all.

You can't believe anything pathological liars are going say.

[NMP2017]

Iraq government and iraq banking are incompetent...nothing but a joke...and not a very funny one! Alak Baba and the more than 325 thieves...

[screwball]

13 hours ago, horsesoldier said:

Probably or they just BS'd everyone into believing they did it, when they hadn't at all.

You can't believe anything pathological liars are going say.

Or this article  could be bullshit and they could be further a long than what they are…

[JonnyV]

I think you are correct screwball.   Contrary to what everyone thinks, they will NOT completely  tell the world what they are doing.  Only snippets to show progress is being made.  

[horsesoldier]

10 hours ago, screwball said:

Or this article  could be bullshit and they could be further a long than what they are…

Quite true. Twilight Zone episode has a man tossing a nickel into a pan handler's box, standing the coin up on its edge. His life takes an interesting turn; 20 years of "interesting turns" for us.

It's where we're at with these goons... we're in the " Zone "

All the Best 

 

[screwball]

8 hours ago, JonnyV said:

I think you are correct screwball.   Contrary to what everyone thinks, they will NOT completely  tell the world what they are doing.  Only snippets to show progress is being made.  

I don’t believe anything they say…every positive article comes with negatives all conveniently done on purpose…I think when the financial system crashes and the world resets to the gold backed then Iraq will make its move…when do I think it’s going to happen I believe anytime between now and end of September at a guess! I still think the cabal are going to freeze accounts and take our money just not sure to what extent…I have heard anything over 200,000 is safe but then I have heard it’s not….will they protect low income earners I don’t know will the cap the freezing of accounts depending on cash in the bank will they set limits..

 

what I found interesting today is a picture of Nigel garage in the UK saying what happening with the riots in the streets of London at the moment is going to get much worse in the coming weeks this suggest to me that when you can’t get money out of your account, and cyber attacks hit and you can’t pay for food or fuel the world is going to go to ****…quickly

 

I settle my mothers and and fathers deceased estate in two weeks time and now I am discussing what debts to settle which ones not too how much gold and silver to buy and how much cash to get out of the bank! 

I am hearing you need enough food and fuel supplies for 8-12 weeks now! 

[screwball]

How will you cope when you can get money out, pay bills, buy food and possibly in lock down due to cyber attackers or a financial collapse?

[T B]

But can you make them see?

[Shedagal]

1 hour ago, screwball said:

I don’t believe anything they say…every positive article comes with negatives all conveniently done on purpose…I think when the financial system crashes and the world resets to the gold backed then Iraq will make its move…when do I think it’s going to happen I believe anytime between now and end of September at a guess! I still think the cabal are going to freeze accounts and take our money just not sure to what extent…I have heard anything over 200,000 is safe but then I have heard it’s not….will they protect low income earners I don’t know will the cap the freezing of accounts depending on cash in the bank will they set limits..

 

what I found interesting today is a picture of Nigel garage in the UK saying what happening with the riots in the streets of London at the moment is going to get much worse in the coming weeks this suggest to me that when you can’t get money out of your account, and cyber attacks hit and you can’t pay for food or fuel the world is going to go to ****…quickly

 

I settle my mothers and and fathers deceased estate in two weeks time and now I am discussing what debts to settle which ones not too how much gold and silver to buy and how much cash to get out of the bank! 

I am hearing you need enough food and fuel supplies for 8-12 weeks now! 

Remember the week timeline for the crash - been posted here several times.  It mentions Monday, the 26th.  August 26th is a Monday - just sayin'