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The Central Bank of Iraq announced, on Monday, the implementation of its first reform steps for the private banking sector .
The Central Bank stated, in a statement today, October 5, 2020, that it “has started implementing its first reform steps for the banking sector, as it has finished classifying private commercial and Islamic banks operating in Iraq according to a set of international standards as well as a number of standards approved by this bank.” .
"This step comes within the framework of enhancing confidence in the banking sector, improving the quality of services provided to the public, as well as enhancing competitiveness in the Iraqi banking sector," he added.
The bank stressed that "it has previously asked banks that are lagging more than once to work on correcting their conditions and paying their customers' dues. Therefore, this classification will be an opportunity for those banks to prove their seriousness in achieving reform requirements and pay the dues of depositors and shareholders."
He explained that "the next stage will include the process of (reforming government banks as well)," indicating that "the reform measures that have been adopted depend mainly on the Central Bank Law No. (56) of 2004 and the Iraqi Banking Law No. (94) of 2004 and the instructions and controls issued pursuant to them."
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