Iraqi PM forms high-level committee to align banks with international financial standards

Shafaq News/ On Thursday, Iraqi Prime Minister Mohammed Shia Al-Sudani announced the establishment of a high-level committee aimed at aligning Iraqi banks with international financial requirements.

Al-Sudani's media office reported that al-Sudani met with the Chairman of the Private Banks Association and several directors of private banks. During this meeting, he reviewed the challenges facing Iraq's banking sector.

Al-Sudani highlighted the government's actions to support the private sector in general, and the banking sector in particular, as part of the government's priority of advancing economic reforms.

According to the media office, “The Prime Minister emphasized that Iraq needs strong domestic banks that adhere to financial standards and play a key role in the country’s development. The Prime Minister also emphasized the importance of the Private Banks Association aligning with government initiatives and actively leveraging available opportunities. He noted that several Arab and international banks, whose representatives have visited Iraq, are ready to cooperate with the government in implementing its developmental plans.”

Al-Sudani announced that “the Central Bank of Iraq has contracted with Oliver Wyman to help develop the banking and financial sector”

Furthermore, the Prime Minister “directed the Private Banks Association to foster balanced relationships with financial institutions, Arab banks, and investors to strengthen the banking sector. He also called for drafting a resolution to be submitted to the Council of Ministers, which would mandate government ministries to provide facilities that support the banking sector in Iraq,” as per the media office.