Economist: Rafidain Bank does not need to be restructured.. it needs a new law

Sunday 17 October 2021 19:57
 
Baghdad / NINA / - The expert in economic affairs, Raad Twij, confirmed that Al-Rafidain Bank does not need restructuring, but rather needs a new law to change all its old systems, calling for the development of a new law approved by the new Iraqi parliament in its transformation towards comprehensive banking.

Twig said in a statement to the National Iraqi News Agency ( NINA ) that "the Ministry of Finance announced a few days ago that it would carry out a reform process, including restructuring the Rafidain Bank by changing its internal system and establishing a board of directors for the bank that differs from its management," stressing: "Such a matter does not need to A change in the internal system, rather, it needs to establish a law for the Rafidain Bank, as its law and its internal system were formed in 1949, that is, since it was established in the royal era as a commercial bank.”

He called for "the development of a new law to be approved by Parliament in its transformation towards comprehensive banking," pointing to the importance of reform in the bank and the formation of a board of directors, after it was managed by one person, the general manager, who takes all decisions alone and has absolute authority, which made Rafidain Bank It is going through many failures and it is the oldest bank in the Middle East.”/ Ended 8

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