Governor of the Central Bank Confirms the Real Reconstruction of the Government Banking Sector

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His Excellency the Governor of the Central Bank of Iraq, Mr. Ali Mohsen Ismail, confirmed that the intent from restoring the restructure of Iraqi banking sector is the government banks, considering that strengthening these banks and restoring Its structure represents a real reconstruction of the banking sector in Iraq.

His Excellency stated during the participation of an Iraqi delegation in the meetings of the World Bank and the International Monetary Fund in Washington, DC, that the Funds and fixed assets of government banks forming more than 80% of the Iraqi banking sector.

While His Excellency revealed that the Central Bank has a program to restructure the government banks, and has been working on it for years in cooperation with relevant international organizations, the World Bank and the International Monetary Fund, stressing the existence of harmony between the Iraqi government and the Central Bank in the process of reforming the banking sector.

He continued, that there are several possibilities related to the restructuring of government banks, as these possibilities depend on the results of analyzes of the financial statements of some banks that have the problem with final statements, adding, that all the possibilities including merging and acquisition are available, and any form that will be useful, we will study it with the competent authorities and international organizations, which have great experience and knowledge in this area.

It is noteworthy that His Excellency the Governor held several bilateral meetings on the sidelines of the Iraqi delegation's participation in the meetings of the World Bank and the International Monetary Fund that took place in Washington, DC.

 

Iraqi Central Bank

Media Office

April 14, 2023