Banking reform plan needs adjustment, expert says
On Thursday, Iraqi Economist Ahmed Abdul Rabah called for amending the banking reform standards announced by the Central Bank of Iraq (CBI).
Abdul Rabah told Shafaq News that Central Bank Governor Ali Al-Allaq has unveiled a comprehensive banking reform plan, emphasizing the importance of the media's role in explaining the initiative transparently and accurately.
He explained that among the proposals submitted by experts to the governor is permitting some banks to operate locally under direct CBI oversight, while others could apply international standards in partnership with firms such as Oliver Wyman.
Abdul Rabah underscored the need for broad dialogue between the central bank and Iraqi banks to clarify the technical aspects of the reform document and discuss mechanisms for gradual implementation that take into account Iraq's economic realities. He stressed that while commitment to reform should be upheld in principle, the standards and procedures must be framed in a way that builds trust in the banking sector and contributes to its development.
Al-Allaq met, on August 12, with global consultancy Oliver Wyman to discuss the details of a banking reform plan presented by the Iraqi Private Banks Association, as part of efforts to modernize the sector and align it with international standards.
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