CBI decides to improve the performance of banks that are not committed to its reform plan
December 29, 2021
CBI decides to improve the performance of banks that are not committed to its reform planThe Board of Directors of the Central Bank of Iraq hosted, during its session on 12/29/2021, the President of the Iraqi Private Banks League and his two deputies. His Excellency the Governor, Mr. Mustafa Ghalib Mukheef, presented the conditions of the banking sector in light of the reform plan adopted by the Central Bank in early 2021 to reform the banking sector. The directions of the Board of Directors to take corrective administrative measures for banks to comply with the controls and instructions before proceeding with legal procedures against them. The attendees supported this approach to ensure that banks improve their financial conditions and avoid the effects resulting from their negative performance and its reflection on the banking sector's reputation, despite granting them sufficient periods to improve their conditions and perform their obligations.The Board decided to stop all banking operations and activities of these banks while giving them a deadline of three months to improve their performance and secure the necessary liquidity to fulfill their obligations and increase their capital to the required limits. Also, the Board of Directors decided that banks unable to ensure what is required of them must merge with other banks.Central Bank of IraqMedia Office29 Dec 2021
