By John Lee.
Iraqi Prime Minister Mohammed S. Al-Sudani chaired a meeting on Monday focused on comprehensive reforms for Iraq's financial and banking sector, attended by key figures including the Minister of Finance and the Governor of the Central Bank of Iraq (CBI).
Al-Sudani stressed the need for stricter oversight of financial transfers and actions against speculators profiting from regional crises. He directed the simplification of transfer procedures for businesses and the creation of a task force to develop reform packages addressing economic challenges.
Discussions included the reinstatement of investment financial instruments at the Central Bank, tying them to deposit volumes of state-owned banks. Ongoing banking reforms, in partnership with Ernst & Young (EY), were reviewed to enhance customer services and boost project financing.
Al-Sudani also called for a review of interest rates for depositors and encouraged greater adoption of electronic payment systems, proposing a government incentive program with cashback rewards to promote their use.
(Source: Media Office of the Prime Minister)
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