Home
The Prime Minister's Advisor announces the assignment of two international companies to study the Iraqi banking market
economy Yesterday, 15:18
Baghdad - INA - Amna Al-Salami
The financial advisor to the Prime Minister, Mazhar Muhammad Salih, announced today, Sunday, that the
government is in the process of possessing a banking system based on the principles of a competitive market, while indicating that
two international companies have been assigned to study the Iraqi banking market. Saleh told the Iraqi News Agency (INA):
“The government strategy for banking reform began with the government banking sector under the supervision of the Prime Minister and is
based on isolating government financial operations from the activity of developing the banking market, given that the
government banking sector in its current, traditional form dominates 88% of banking activity.” The country has made government banking operations mixed with market activity.” He added,
"We are waiting for the birth of a banking system owned by the government, but
based on the foundations of a competitive market in providing banking services and
achieving actual financial inclusion and digital financial inclusion, and is
consistent with the digital payments policy that our country has been pursuing vigorously for more than a year," pointing out that
"the private banking sector is the The other is going through an evaluation stage, and
there are opportunities for voluntary merger between more than one bank, among which there is an international strategic banking partner.” He stated that
"the objectives of banking reform in Iraq will end with a high merger that achieves
competitiveness,
homogeneity,
compliance and
governance within the Iraqi banking market, and achieves the
integration of the national banking market with the global market," noting that
"the entire issue is being closely followed by Prime Minister Muhammad Shiaa Al-Sudani after
assigning two international companies." By studying the Iraqi banking market and according to a new vision that is consistent with the national economy’s need for
credit and investment and
mobilizing the public’s accumulated resources to ensure the national income cycle is more stable and efficient.”
As for the private sector, Saleh explained that “the launch of the
philosophy of development partnership between the state and the private sector was embodied for the first time in the
government granting sovereign guarantees to the private industrial sector to collect global loans to finance production lines for the most important industrial projects from the countries of the European Union and Japan, which lead the future of development.”
Five levels of industries begin with ensuring financing of infrastructure industries linked to the path of development, the
pharmaceutical industry,
petrochemicals, and
refining, and end with important
digital industries, without forgetting the interest in supporting the
agricultural sector and farmers in protecting
“The country’s food security stems from the production of important strategic food crops.” He stressed that
"the government has not neglected to proceed with the national strategy for the private sector, which hopes that the
private sector's contribution to the country's gross domestic product will rise from 37% currently to more than 54% in the coming years, by
providing opportunities to nurture the private sector through financing support." Governmental development projects, whether through the
Iraq Fund for Development or the
Riyada Bank (mixed sector), which was established by the Central Bank of Iraq to advance the role of the private sector in development and raise growth rates in its investments and contributions to the country’s gross domestic product.
According to the private sector development strategy that the government has adopted for years.”
https://www.ina.iq/222133--.html
economy Yesterday, 15:18
Baghdad - INA - Amna Al-Salami
The financial advisor to the Prime Minister, Mazhar Muhammad Salih, announced today, Sunday, that the
government is in the process of possessing a banking system based on the principles of a competitive market, while indicating that
two international companies have been assigned to study the Iraqi banking market. Saleh told the Iraqi News Agency (INA):
“The government strategy for banking reform began with the government banking sector under the supervision of the Prime Minister and is
based on isolating government financial operations from the activity of developing the banking market, given that the
government banking sector in its current, traditional form dominates 88% of banking activity.” The country has made government banking operations mixed with market activity.” He added,
"We are waiting for the birth of a banking system owned by the government, but
based on the foundations of a competitive market in providing banking services and
achieving actual financial inclusion and digital financial inclusion, and is
consistent with the digital payments policy that our country has been pursuing vigorously for more than a year," pointing out that
"the private banking sector is the The other is going through an evaluation stage, and
there are opportunities for voluntary merger between more than one bank, among which there is an international strategic banking partner.” He stated that
"the objectives of banking reform in Iraq will end with a high merger that achieves
competitiveness,
homogeneity,
compliance and
governance within the Iraqi banking market, and achieves the
integration of the national banking market with the global market," noting that
"the entire issue is being closely followed by Prime Minister Muhammad Shiaa Al-Sudani after
assigning two international companies." By studying the Iraqi banking market and according to a new vision that is consistent with the national economy’s need for
credit and investment and
mobilizing the public’s accumulated resources to ensure the national income cycle is more stable and efficient.”
As for the private sector, Saleh explained that “the launch of the
philosophy of development partnership between the state and the private sector was embodied for the first time in the
government granting sovereign guarantees to the private industrial sector to collect global loans to finance production lines for the most important industrial projects from the countries of the European Union and Japan, which lead the future of development.”
Five levels of industries begin with ensuring financing of infrastructure industries linked to the path of development, the
pharmaceutical industry,
petrochemicals, and
refining, and end with important
digital industries, without forgetting the interest in supporting the
agricultural sector and farmers in protecting
“The country’s food security stems from the production of important strategic food crops.” He stressed that
"the government has not neglected to proceed with the national strategy for the private sector, which hopes that the
private sector's contribution to the country's gross domestic product will rise from 37% currently to more than 54% in the coming years, by
providing opportunities to nurture the private sector through financing support." Governmental development projects, whether through the
Iraq Fund for Development or the
Riyada Bank (mixed sector), which was established by the Central Bank of Iraq to advance the role of the private sector in development and raise growth rates in its investments and contributions to the country’s gross domestic product.
According to the private sector development strategy that the government has adopted for years.”
https://www.ina.iq/222133--.html
