Iraqi PM reviews banking sector’s reform plan with Ernst & Young
An office building with Ernst & Young (EY) logo in the Central Business District of Sydney, Australia. Photo: Reuters
Baghdad (IraqiNews.com) – The Iraqi Prime Minister, Mohammed Shia Al-Sudani, chaired a meeting on Monday to review the comprehensive reform plan of the banking sector in Iraq.
The meeting included representatives from Ernst & Young, one of the biggest accounting firms in the world, the Minister of Finance, the Governor of the Central Bank of Iraq (CBI), the Director General of Rafidain Bank, and the Prime Minister’s advisors, according to a statement released by the Prime Minister’s Office (PMO).
The meeting addressed the plan prepared for banking reform, which will start with government banks that represent 80 percent of the banking sector in Iraq.
The meeting also tackled carrying out the development plan of the Rafidain Bank as part of a studied reform process falling within comprehensive economic reforms that constitute one of the priorities of the government program.
Ernst & Young representatives presented their reform plan for the Rafidain Bank, which requires eight months to be implemented.
The reform plan introduced by Ernst & Young includes a comprehensive review and evaluation of the bank’s work and the introduction of structural administrative reforms to provide a package of integrated banking services offered to both individuals and companies, making the bank able to meet the requirements of the banking sector worldwide.
The reforms will also include the adoption of advanced electronic programs and modern technologies in all banking transactions, the optimal use of human and technical resources, and the transition to automated work.