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Parliamentary Finance Committee: Launching the banking reform plan is the beginning of economic reform.
Parliamentary Finance Committee Chairman Atwan al-Atwani affirmed on Monday that the launch of the banking reform plan is the beginning of reforming the Iraqi economy.
In a speech at the Iraqi Banking Sector Reform Conference, attended by an Al-Eqtisad News correspondent, Al-Atwani said, “Developing the banking sector is a fundamental pillar for developing the Iraqi economy beyond oil revenues.”
The head of the Finance Committee called for “diversifying revenue sources to cover the financial deficit.”
He pointed out that “the reform and development process must be accompanied by engagement with international banks to regulate foreign remittances.”
He stressed that “unofficial border crossings cause a waste of public money.” link
Tishwash:
Launching a private banking reform plan in partnership with Iraqi and international institutions.
The Governor of the Central Bank of Iraq, Ali Al-Alaq, announced the launch of a comprehensive plan to reform private banks, in partnership with local and international institutions. He emphasized that the next phase will witness a qualitative shift in the nature of banking services, based on innovation and digital transformation.
During the Iraqi Banking Sector Reform Conference, which was attended by an Al-Eqtisad News correspondent , Al-Alaq said that Iraqi banks have made significant strides in developing their banking services, but they are required to further embrace modern technology. He emphasized that artificial intelligence must be at the core of future investments in the banking sector.
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He added: “The world is witnessing a broad transformation in the financial structure and banking systems, which requires traditional banks to keep pace with this radical change by offering innovative services that meet customer aspirations amidst the tremendous technological acceleration.”
The Central Bank Governor indicated that digital currencies will play a vital role in accelerating payment and money transfer transactions, requiring banks to develop their digital infrastructure.
He also noted that central bank digital currencies (CBDCs) could reshape the global banking landscape, adding: “Successful banks of the future will be those that embrace digital transformation tools and integrate artificial intelligence into their daily operations. link
Iraq’s gold reserves drop by 100 kilograms
The World Gold Council announced on Sunday that Iraq’s gold reserves had decreased by 100 kilograms.
According to the latest table published by the Council in April, “Iraq’s gold holdings decreased by 100 kilograms, reaching 162.6 tons, down from 162.7 tons the previous month. This represents 14.5% of its remaining reserves.”
He added, “Iraq maintained its 28th place on the list out of 100 countries included in the table,” noting that “Iraq came in fourth place among Arab countries after Saudi Arabia, Lebanon, and Algeria.”
The Council also noted that “the United States of America tops the list of countries with the largest gold holdings in the world, with 8,133,000 tons, followed by Germany with 3,351,000 tons, then Italy with 2,451,000 tons, while Iceland comes in last with two tons.”
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The 100-kilogram shortage in Iraq’s gold reserves is due to its domestic use and sale in the form of gold bullion, according to Shafaq News Agency’s economic correspondent.
It’s worth noting that the World Gold Council is headquartered in the United Kingdom and possesses extensive experience and in-depth knowledge of the factors driving market change. Its members comprise some of the world’s largest and most advanced gold mining companies. link
Prime Minister’s Advisor Reveals Plan to Merge Rafidain and Rashid Banks
Advisor to the Prime Minister and Executive Director of the Reform Management Cell, Amer Al-Adhadh, revealed plans to merge Rafidain and Rashid Banks. While addressing the government’s achievements in the field of economic reforms, he explained the contents of the “House of Reform” project and its importance to the investment file. He also outlined the contents of the draft law on public-private partnerships, which aims to enhance the investment environment in Iraq.
Al-Adhadh told Al-Shabaka magazine, as reported by the Iraqi News Agency (INA), in his talk about the “Reform House” project, “This project is not just a government program, but rather a comprehensive roadmap aimed at achieving sustainable development through interconnected goals, one of which is activating human capital and enhancing national competencies.”
He added, “Economic reforms cannot succeed without a legal and regulatory environment that attracts investment, which is what the government is working towards through this project.”
Regarding cooperation with the World Bank, Al-Adhadh stated, “The World Bank commended the reforms implemented by the Iraqi government, including the “House of Reform” policies that support sustainable development, and cooperation focuses on supporting financial reforms, providing technical advice, and financial assistance to enhance the stability of the Iraqi economy and improve financial governance systems.”
Al-Adhadh also noted that “the government has made significant progress in preparing the draft law on public-private partnerships, which is an essential part of the government’s program. This partnership aims to enhance cooperation between the government and the private sector, particularly in infrastructure, transportation, and energy projects, thus contributing to stimulating the national economy and achieving sustainable development.”
Regarding the issue of restructuring the banking sector, Al-Adhadh revealed a plan to merge Rafidain and Rashid Banks into a single entity with the aim of improving Iraq’s credit rating and increasing international confidence in the banking sector. He noted that an international consulting firm has been commissioned to oversee the merger process, which includes improving financial and administrative performance and developing the digital infrastructure.
The Prime Minister’s advisor also addressed the issue of economic diversification, stressing that “the government has achieved a significant increase in non-oil revenues, which is an important achievement within the framework of the income diversification strategy.” He noted that “the government is focusing on improving tax administration, developing customs duties, and stimulating investment in non-oil sectors such as industry, agriculture, tourism, and technology, to ensure the sustainability of these revenues.”
Al-Adhadh confirmed that “the economic reforms implemented by the government contribute to strengthening the investment environment and achieving sustainable economic growth, ensuring Iraq has a stronger and more diversified financial future.” link
Source: Dinar Recaps
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