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Economy News - Baghdad
The Central Bank announced, on Monday, that it will implement its first "reform steps" for the banking sector, indicating that the classification of private commercial and Islamic banks operating in Iraq has been completed according to a set of international standards, as well as a number of standards approved by the bank.
"This step comes within the framework of enhancing confidence in the banking sector and improving the quality of services provided to the public, as well as enhancing competitiveness in the Iraqi banking sector," the bank added in a statement.
He emphasized that he had previously asked "the lagging banks more than once to work on correcting their situation and paying their customers' dues. Therefore, this classification will be an opportunity for these banks to prove their seriousness in achieving reform requirements and pay the dues to depositors and shareholders."
He continued, "The next stage will include the process of reforming government banks as well, noting that the reform measures that have been adopted depend mainly on the Central Bank Law No. (56) for the year 2004 and the Iraqi Banking Law No. (94) for the year 2004 and the instructions and controls issued according to them."
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