Baghdad: Finance Minister, Taif Sami, affirmed that the restructuring of government banks is a pivotal step towards developing the banking sector. The ministry stated that Taif Sami chaired a joint meeting with the administrations of Rafidain and Rashid Banks and representatives of Ernst and Young Consulting to follow up on the implementation stages of the government banks restructuring project.

According to National Iraqi News Agency, the meeting discussed the progress made in reviewing and updating the internal regulations of the two banks in line with governance requirements, in addition to assessing the status of the banks’ foreign branches and ways to develop and link them to the central administration.

The meeting addressed updating credit, deposit, and clean assets data and implementing the comprehensive banking system in an increasing number of branches. It also reviewed plans to increase the capital of the two banks, studied the status of investments, and evaluated their financial feasibility.

The
legal aspects related to the restructuring process and the proposed amendments to the internal regulations were also discussed to ensure their consistency with applicable banking laws and regulations.

According to the statement, Sami stressed the need to accelerate the pace of work and implement requirements according to the specified timetables, noting that the restructuring of government banks is a pivotal step toward developing the banking sector and raising its efficiency. She called for continued coordination between the two banks and the consulting firm to ensure the completion of the requirements for institutional and administrative transformation.