Call for comprehensive reform of the banking system in Iraq on the occasion of the International Ban

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[size=52]Call for comprehensive reform of the banking system in Iraq on the occasion of the International Banking Day[/size]

[size=45]On the occasion of the International Banking Day, the Iraqi Center for Economic and Political Studies called on the Iraqi government and relevant authorities to conduct a comprehensive review of the performance of government and private banks in Iraq, in light of the technological and economic challenges facing the world.[/size]
[size=45]The director of the center, Wissam Al-Helou, said in a statement that “the indicators confirm the urgent need to review the work of Iraqi banks, with the technological development that the world is witnessing, which has overshadowed the banking sector in many countries.”[/size]
[size=45]Bank Performance: Between Development and Negligence[/size]
[size=45]Al-Halou pointed out that “there are some banks, which are very few and constitute only 1-2%, that are working to develop their performance and keep pace with developments in a manner that is consistent with the financial and economic situation in the country, and to link their services to the global banking system.”[/size]
[size=45]But Al-Halou stressed that “the vast majority of government and even private banks suffer from fatal negative indicators, as the work environment in government banks has become unattractive due to the slow pace of procedures and the absence of clear facilities. This is in addition to the lack of instructions that encourage Iraqi citizens to deposit money or benefit from loan services.”[/size]
[size=45]Challenges and lost confidence[/size]
[size=45]He explained that “many media statements issued by some banks do not reflect reality, as citizens suffer from routine and favoritism in the banking sector, which increases the complexity of transactions.” He also pointed out that “the significant lack of use of modern technology and artificial intelligence has contributed to the decline in the speed of completing financial transactions, which makes the sector lag behind the global trend.”[/size]
[size=45]He added that “these factors have pushed the majority of Iraqis to keep their money at home, as a result of the lack of trust in the banking system, especially with the ambiguity regarding interest rates on deposits and loans, in addition to the existence of indications of exploitation of citizens’ needs by some employees and brokers, by imposing a bribe to speed up procedures or obtaining loans illegally.”[/size]
[size=45]Call for Reform in 2025[/size]
[size=45]Al-Helou stressed at the end of his statement that “the current situation requires the government and the relevant ministries to work on correcting the course of the banking system, and to take the year 2025 as a starting point for implementing comprehensive reforms aimed at enhancing confidence, developing performance, and addressing the problems that hinder the progress of this vital sector.”[/size]
[size=45]This call comes at a time when the Iraqi economy is facing major challenges that require modernizing the banking infrastructure to meet the needs of citizens and contribute to achieving sustainable economic growth.[/size]
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