Iraqi Prime Minister Mohammed Shia al-Sudani has instructed the directors of government banks to present a development plan within one month.
In light of this news, government sources revealed a set of measures taken by the Iraqi government to address disruptions and the continuous decline in the exchange rates of the Iraqi dinar against foreign currencies, especially the US dollar.
Al-Sudani chaired on Tuesday a meeting, which brought together the Minister of Finance, the Central Bank Governor, and directors of government banks, to discuss the mechanisms and measures implemented in the administrative and banking reforms initiated by the government.
These reforms are among the top priorities of the comprehensive economic reform in the country, according to a statement from al-Sudani’s media office.
The statement revealed that the development plan ordered by al-Sudani should include optimal use of financial, human, and technological resources.
It also marks a significant shift from paper-based to electronic work, and from manual to online transactions for all banking activities.
The plan also involves developing work mechanisms, including control and regulatory tools.
Al-Sudani confirmed that the bank directors would be evaluated based on their application of the plan and the level of achievement.
This performance-based assessment will ensure that those at the helm of the banking sector are held accountable for its advancement.
The meeting, as per the statement, also discussed the implementation of the comprehensive banking system through the use of advanced e-programs and modern technology in all banking transactions.
The premier directed the banking administrations to draw upon international expertise by contracting specialized consultants in banking and financial work.
This move, which includes the development plan presented by Ernst & Young for the restructuring of Rafidain Bank, indicates a commitment to adopting global best practices and standards in the banking sector in an effort to scale up growth and development.