Iraqi Central Bank to Start Reforms in the Iraqi Banking Sector
A member of the International Union of Arab Bankers, Samir Nasiri issued a press statement that banking reform would change the fundamental approach. The Iraqi Central Bank is analyzing and examining the reality of challenges that had been faced by the Iraqi banking sector and reviewing according to the priorities.
He added that most of the economic experts also believe that the supposed strategy for the year 2016-2020 by the Iraqi Central Bank is much dedicated to achieve economic and financial stability, and development in the role of Iraqi banking sector and financial institutions.
The Iraqi Central Bank is evaluating and setting priorities for these banks according to their financial statements and their procedures to finalize their operations and the final results for the year 2015.
He pointed out the magnitude of the acceptance of the assessment indicators.
These indicators are showing a clear picture to force Iraqi banks for the implementation of international laws and standards in order to improve efficiency in the Iraqi banking sector. This strategy would identify the continuation of work or stop working in the Iraqi banking sector.
The proposed banks are being merged with other banks to empower the efficiency in their work in order to work in the Iraqi banking sector. An international team member Al-Nasiri suggested that team of financial experts should make analysis and determine the standards in the performance and effectiveness for Iraqi banks in all the banking areas.
He stressed to focus on the results of the U.S assessment for the year 2013-2014.
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