Prime Minister Mohammed Shia al-Sudani announced today, Thursday, that the Central Bank has contracted with Oliver Wyman Company with the aim of developing the banking and financial sector.
The Prime Minister’s Office stated in a statement received by Al-Maalouma Agency, that “Al-Sudani received the head of the Private Banks Association, in the presence of a number of directors of private banks, and was briefed on the problems facing the banking sector in Iraq, pointing to the measures taken by the government to support the private sector in general, and the banking sector in particular, within the priority of economic reform in which the government has made advanced progress.”
Al-Sudani stated that “there is no alternative but to have capable Iraqi banks that adopt all financial standards to participate in development and building the country,” stressing “the importance of the Banking Association dealing with government trends and investing in opportunities, explaining the readiness of Arab and foreign banks whose representatives visited Iraq to cooperate with the government in implementing its vision and development plans.”
He pointed out that “a higher committee has been formed to develop treatments for the work of banks, to be in line with the requirements of work in the international financial arena, stressing that “the Central Bank has contracted with Oliver Wyman Company with the aim of developing the banking and financial sector.”
He instructed the “Association of Banks to build balanced relations with financial institutions, Arab banks and investors to support banking work,” directing “the preparation of a draft resolution to be presented to the Council of Ministers that includes obligating ministries to provide facilities that support the banking sector in Iraq.”
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