WB, CBI join forces to revitalize banking sector

Shafaq News/ A World Bank (WB) delegation convened on Tuesday with the Governor of the Central Bank of Iraq (CBI), Ali Mohsen al-Allaq, to deliberate on the reforms in Iraq's banking sector.

A statement by CBI said, "al-Alaq received the World Bank representative, Sayyed Mehdi Hassan, who is responsible for preparing the financial sector assessment project in Iraq, and his accompanying delegation."

The meeting, according to the readout, reviewed a comprehensive summary of the financial reform program in Iraq, and discussed ways to fortify bilateral cooperation and restructure the Iraqi banking sector, particularly the government segment, which accounts for a staggering 80% of the entire banking industry.

The delegates deliberated on the adoption of institutional governance and the streamlining of banking institutions' structures.

The meeting touched upon prospects of harnessing cutting-edge information technology within the government banking sector and installing all-encompassing ban