Iraqi PM Al-Sudani unveils financial and banking reform plans to expand services nationwide
Shafaq News/ On Friday, Iraqi Prime Minister Mohammed Shia al-Sudani announced steps to enhance financial and banking reforms, including expanding bank branches across the provinces.
In a statement, al-Sudani's media office said, “As part of efforts to reform the financial and banking system, a priority of the government’s program, and given the progress made over the past two years, as well as the challenges currently facing the financial and banking sectors, particularly in the provinces, Al-Sudani has directed several measures to address these challenges, enhance trust in the financial and banking sectors, facilitate economic development, and increase financial inclusion nationwide.”
“This action is necessary since most efforts have been concentrated in Baghdad,” it added.
Among the steps outlined are expanding bank branches in provinces to meet local needs, improve financial services, and focus on modernizing buildings and providing essential facilities.
The statement also highlighted the need for all banks in the provinces to adopt modern technologies, such as online banking and mobile applications, making it easier for citizens to access banking services, emphasizing the importance of banks developing financial services “to meet the needs of individuals and small businesses, including offering affordable loans and savings accounts.”
Moreover, it stressed the importance of enhancing financial inclusion by providing banking services to various community segments, including districts, sub-districts, and rural areas, calling for organizing “conferences and awareness campaigns in the provinces to educate citizens on the importance of banking, financial management, and investment,” and conducting “workshops to train young entrepreneurs and local business leaders on managing loans and financial services effectively.”
The Ministry of Finance, the Central Bank of Iraq (CBI), and the Associations of Private and Islamic Banks will coordinate with the governors to implement these tasks within their responsibilities and submit quarterly progress reports to the Prime Minister's office.
