By John Lee. The Iraqi Cabinet has approved significant banking reforms, including the establishment of a new, innovative financial institution named Rafidain First Bank [Rafidain Al-Awal Bank]. The new bank aims to lead regional financial markets and provide advanced digital banking services. Key Details: New Bank Creation: Rafidain First Bank will operate as a joint-stock […]
By John Lee. Iraqi Prime Minister Mohammed S. Al-Sudani announced series of banking sector reforms on Friday. The main changes include increasing the number of bank branches, more adoption of new technology, and a campaign to educate the public about banking and financial services. Full statement from the Media Office of the Prime Minister: As […]
By John Lee. Iraqi Prime Minister Mohammed Shia Al-Sudani has directed new measures to develop electronic payment systems. The initiative includes expanding salary payments to private sector employees through digital channels, similar to government payroll, with the Ministry of Labor and the Central Bank of Iraq (CBI) collaborating on the framework. Additionally, all ministries and […]
By John Lee. Iraqi Prime Minister Mohammed S. Al-Sudani chaired a meeting focused on the reform of Iraq's banking sector, particularly Rafidain Bank, with representatives from Ernst & Young (EY) presenting recommendations. Key proposals included updating the bank's legal status, capital structure, and strategy to align with global banking standards. The recommendations will be submitted […]
By John Lee. Iraq's Cabinet has revised an earlier decision to merge its Agricultural, Industrial and Real Estate Banks. At the start of 2024, the Cabinet approved a contract with UK-based professional services firm Ernst & Young (EY) to study the merger of Industrial Bank, Real Estate Bank, and Agricultural Bank [Agricultural Cooperative Bank?] into […]
By John Lee. As part of its financial reform efforts, Iraq's Cabinet has approved the allocation of 4 billion dinars [$3 million] to the Iraqi Securities Commission for the modernization and maintenance of electronic systems used for stock and bond trading. The project, exempted from standard government contract procedures, will be executed in partnership with […]
By John Lee. The Governor of the Central Bank of Iraq (CBI), Ali Mohsen Al-Alaq, chaired a supervisory committee meeting on the restructuring of the state-owned Rafidain Bank. Attendees included committee members from the Ministry of Finance, advisors to the Prime Minister, senior Central Bank officials, and representatives from Ernst & Young. The meeting reviewed […]
