Al-Sudani Directs the Acceleration of the Reform Process for Rafidain and Rasheed Banks

politics

23-03-2025, 13:44

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Baghdad-INA

Prime Minister Mohammed S. Al-Sudani chaired a meeting today, Sunday, dedicated to following up on the reform procedures for Rafidain and Rasheed Banks, in the presence of representatives from Ernst & Young.

“The meeting reviewed the progress of the banking reform process adopted by the government to restructure and develop Rafidain and Rasheed Banks,” stated the Media Office of the Prime Minister in a statement, received by The Iraqi News Agency-INA.

“Discussions included revisiting their internal regulations to align with international standards and the objectives of banking reforms, addressing the issue of the banks’ debts and repayment mechanisms, and reviewing the measures taken to train their staff,” the statement added.

“The Prime Minister directed the continuation of the reform process for both banks and instructed their management to develop strategies that accelerate the reform process,” it also mentioned.

The statement further stated “The meeting also addressed the procedures for establishing a new bank named “Rafidain First Bank,” approved during the Council of Ministers session held on January 13. This bank is envisioned with a modern approach that adopts advanced technologies and international standards, aimed at achieving governmental financial and banking reform objectives, ultimately contributing to economic growth and development”.

Ernst & Young presented a report during the meeting, outlining the financial and technical proposals for the establishment of Rafidain First Bank.