Iraq banking reform plan gains government support as Prime Minister Mohammed Shia Al-Sudani meets with top banking leaders. He described reform as essential for boosting Iraq’s economy and financial stability.
The Prime Minister urged banks to simplify services and adopt digital tools. He also called for greater public trust through stronger deposit incentives. These steps play a central role in Iraq’s financial sector overhaul.
Rafidain Bank will soon relaunch under a new strategy with international partners. This update marks a key milestone in the broader Iraq banking reform plan. It shows the government’s commitment to modernizing major financial institutions.
In addition, private auditing firms will now assess bank performance across Iraq. These reviews promote transparency and strengthen the country’s financial system modernization with clear accountability.
The Prime Minister also encouraged banks to fund national development projects. He advised them to focus more on partnerships and support local production. Shifting import spending into domestic investment aligns with the goals of the Iraq banking reform plan.
Moreover, he stated the government will take on a regulatory role instead of direct involvement. This shift gives banks more freedom while encouraging sustainable financial growth. It also reflects international standards tied to Iraq’s broader banking modernization strategy.
Bank executives responded positively. They highlighted rising use of digital services, including a jump in e-payments from 1.7 to 21 trillion dinars. These figures show real progress under the reform plan’s digital priorities.
They also backed the Oliver Wyman restructuring model. Furthermore, they pledged support for handling private-sector salaries through formal banking systems. These moves strengthen the Iraq banking reform plan’s ability to include more citizens in the financial network.
Executives noted that continued improvements in service and technology remain a top focus. Their goals align closely with the reform roadmap laid out by the government. This shared vision enhances the long-term success of the Iraq banking reform plan.
In summary, the partnership between government and banks signals a serious shift toward a modern, secure financial system. If implemented well, the Iraq banking reform plan could support growth, jobs, and long-term economic resilience.
