Al-Sudani directs several measures to address financial and banking sectors

INA-  Baghdad


Media Office of the Prime Minister said in an official statement obtained by the Iraqi News Agency INA that “ 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, Prime Minister Mohammed S. 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.”
 
  The statement also included the directives mentioned above:
 
  1. Increasing the Number of Bank Branches: Expand branches in the provinces to meet local needs, enhancing access to financial services, with attention to modern buildings and essential facilities.

  2. Adopting Modern Technologies: Ensure that all provincial banks adopt modern technologies such as online banking and mobile applications, making it easier for citizens to access their banking services.

3. Developing Financial Services: Emphasize the importance of banks enhancing financial services to meet the needs of individuals and small businesses, including offering affordable loans and savings accounts.

4. Enhancing Financial Inclusion: Provide banking services across various community segments, including districts, sub-districts, and rural areas.

5. Launching Awareness Campaigns: Organize conferences and awareness campaigns in the provinces to educate citizens on the importance of banking, financial management, and investment.

6. Training Workshops: Conduct workshops to train young entrepreneurs and local business leaders on managing loans and financial services effectively.
 
The statement added that “The Ministry of Finance, the Central Bank of Iraq, and the Associations of Private and Islamic Banks will coordinate with provincial governors to implement these measures according to their roles and responsibilities.”
 
It further said “Quarterly progress reports (every three months) will be submitted to the Prime Minister’s Office on the status of these initiatives.”