Parliamentary Finance: Banking reform enhances Iraq’s global financial standing
Member of the Parliamentary Finance Committee, Jamal Kocher, confirmed today, Monday, that the restructuring of Rafidain and Rashid Banks is a decisive step to improve Iraq’s financial situation and enhance its position in the global financial system.
Kocher told Al Furat News Agency: “Restructuring the banks is very important and has many positives, as these banks have not been reviewed for many years. These measures will contribute to consolidating the national economy and addressing some of the errors that may exist in the current financial system.”
He added: “Reforming banks will lead to their development in line with the conditions of the US Federal Reserve and the SWIFT system, in addition to many international requirements that will contribute to improving the performance of the Iraqi financial sector at the global level.”
It is noteworthy that Prime Minister Mohammed Shia Al-Sudani reviewed the plan for the restructuring project of Rafidain and Rashid Banks, and the technical and administrative procedures related to the project, which include a comprehensive review and structural administrative reforms with the aim of providing integrated banking services to citizens and companies.
He explained that the completion rate of the project to restructure Rafidain Bank has reached its final stages, stressing that it will enter into force within the next few days, within the framework of a plan that has been studied and implemented according to the established standards and specifications.
During 2024.. The Iraqi Central Bank Imposes Fines Worth 279 Billion Dinars On Banks And Money Changers
The Central Bank of Iraq announced, on Sunday, the imposition of fines on banks and non-banking institutions (exchange companies) worth 279 billion Iraqi dinars, during the year 2024.
A table of the bank, viewed by Shafaq News Agency, showed that the fines imposed on banks and financial companies during the past year amounted to 279 billion and 144 million and 977 thousand and 628 dinars, indicating that “the fines also included 238 administrative penalties for these banks and non-banking institutions, distributed between warning and warning.” And the grace period.”
The table showed that “the month of January witnessed the highest fines on banks and non-financial institutions, as these fines amounted to 98 billion, 277 million, 722 thousand and 62 dinars, with administrative penalties amounting to 17 penalties, while the month of September witnessed the lowest fines, as they amounted to 2 billion, 331 million, 465 thousand and 48 dinars in penalties.” Administrative penalties amounted to 13.”
The table did not show the names of the banks on which fines were imposed, nor the nature of the administrative penalties.
The Association of Investors in the Iraqi Stock Exchange criticized the Central Bank of Iraq‘s increase in fines on banks, noting that it would affect the profitability of investors in the shares of these banks.
Central Bank Renews Directive To Spread And Expand Financial Services And Atms
The Central Bank of Iraq renewed, on Sunday, a directive to banks and non-banking financial institutions to spread and expand their financial services in areas that lack the presence of various services for bank card holders.
The Central Bank said in a statement received by “Al-Eqtisad News” that “the bank is working within its strategy to provide various services to bank cardholders, by expanding the spread of cash delivery outlets and through all available channels, including ATMs and POC cash payment devices, as well as authorized exchange companies, electronic payment company outlets, and POS electronic payment devices spread throughout Iraq.”
The statement added, “The Central Bank confirms in its circulars that included directing banks and non-banking financial institutions to spread and expand their financial services in areas that lack the aforementioned services.”
National Data Center, Customs And Border Ports Authority Announce Launch Of Customs Automation System
The National Data Center at the General Secretariat of the Council of Ministers announced the launch of the “ASYCUDA” system in cooperation with the General Authority of Customs and the Border Ports Authority, in ten land, sea and air border ports, after conducting a comprehensive assessment of the infrastructure in 14 border ports, within the framework of supporting the government’s program for digital transformation and automation of customs operations in Iraq.
Director of the National Data Center Department, Ammar Mazhar Al-Tamimi, stressed that the success of operating the system reflects the exceptional efforts made to develop the infrastructure supporting customs automation, pointing to the government’s commitment to the success of this vital project that contributes to enhancing the efficiency of customs operations and achieving transparency.
Al-Tamimi pointed out, according to a statement by the Secretariat of the Council of Ministers, that the efforts included providing the General Authority of Customs with modern technical equipment, in addition to establishing a secure network system based on advanced servers and firewalls, with the allocation of a separate environment to ensure data security and link the system to the secure government network. ”
In a related context, the General Authority of Customs in the Ministry of Finance and the Border Ports Authority, with the support of the National Data Center, continue to work on expanding the scope of the system to include additional ports, including Basra International Airport, Khor Al-Zubair Port, and Abu Flus Port, which are scheduled to be operational in the coming months.”
The customs automation project aims to raise the efficiency of customs performance and facilitate the movement of goods in line with international standards, in a qualitative step to support the national economy and improve the business environment in Iraq. “
