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The Prime Minister's advisor calls for moving towards banking reform
Economical 05/16/2024
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Yesterday, Wednesday, Advisor to the Prime Minister for Financial Affairs, Mazhar Muhammad Salih, stressed the importance of moving to reform the banking sector in Iraq, while noting that depriving some banks of foreign currency is an opportunity to restructure and organize them.
Saleh told the Iraqi News Agency (INA): “Prime Minister Muhammad Shiaa Al-Sudani has a keenness to protect national capital, in addition to the fact that banking institutions need reform,” indicating that “what happened in depriving some banks of foreign currency is an opportunity to restructure and organize them.” He added, “There is a program to reform the banking sector by starting with the government sector because the government banking sector dominates 85 percent of banking work and the rest of the small emerging markets, even though their capital constitutes 78 percent of the banking system’s capital, but they need to be reorganized and restructured.” To transform into valid market institutions that integrate with the global economic system and have a role in financing and economic development.” He pointed out that “there is a reform process in Iraq that begins with the government banking sector and then the private sector,” pointing out that “the injustice that happened to the banks is an opportunity for reform.”
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