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[size=36]The Iraqi government is working to develop a competitive banking system and support the private sector.[/size]
economy | 03:37 - 11/24/2024
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Mawazine News - Baghdad
The financial advisor to the Prime Minister, Mazhar Mohammed Salih, announced today, Sunday, the government's efforts to develop a banking system based on the foundations of a competitive market, explaining that the government has commissioned two international companies to study the Iraqi banking market with the aim of improving performance and organizing the banking sector.
Salih said in a statement to the official agency, followed by "Mawazine News", that "the government's strategy for banking reform began with the government banking sector, with the aim of isolating government financial operations from developing the banking market, as the traditional government sector dominates 88% of banking activity, which causes confusion between government operations and the market."
He explained that the government aims to create a competitive banking system that provides modern banking services in line with the country's digital payments policy, with the aim of achieving actual and digital financial inclusion. He added that "the private banking sector is also going through an evaluation phase and there are opportunities for voluntary mergers between banks seeking to obtain an international strategic partner."
In the same context, Salih stressed that the ultimate goal is to achieve a merger in the banking market that enhances competitiveness, homogeneity, compliance and governance, and thus the integration of the national banking market with the global market.
Saleh also indicated that the government is working to enhance the development partnership with the private sector by granting sovereign guarantees to the industrial sector to finance global loans for production lines for the most important industrial projects in Europe and Japan, and expanding support for the agricultural sector.
He stressed that the government aims to increase the private sector's contribution to the GDP from 37% to more than 54% in the coming years by providing development financing and supporting private projects, including the Iraq Development Fund and Riyada Bank.
Salih said in a statement to the official agency, followed by "Mawazine News", that "the government's strategy for banking reform began with the government banking sector, with the aim of isolating government financial operations from developing the banking market, as the traditional government sector dominates 88% of banking activity, which causes confusion between government operations and the market."
He explained that the government aims to create a competitive banking system that provides modern banking services in line with the country's digital payments policy, with the aim of achieving actual and digital financial inclusion. He added that "the private banking sector is also going through an evaluation phase and there are opportunities for voluntary mergers between banks seeking to obtain an international strategic partner."
In the same context, Salih stressed that the ultimate goal is to achieve a merger in the banking market that enhances competitiveness, homogeneity, compliance and governance, and thus the integration of the national banking market with the global market.
Saleh also indicated that the government is working to enhance the development partnership with the private sector by granting sovereign guarantees to the industrial sector to finance global loans for production lines for the most important industrial projects in Europe and Japan, and expanding support for the agricultural sector.
He stressed that the government aims to increase the private sector's contribution to the GDP from 37% to more than 54% in the coming years by providing development financing and supporting private projects, including the Iraq Development Fund and Riyada Bank.
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