Al-Sudani directs to simplify procedures for business owners regarding financial transfers

Prime Minister Mohammed Shia Al-Sudani directed the Ministry of Finance, the Central Bank and bank managers to simplify procedures for business owners regarding financial transfers. The Prime Minister's Media Office stated in a statement: "Al-Sudani chaired a meeting today devoted to reviewing the comprehensive reform plan for the financial and banking sector in Iraq, in the presence of the Minister of Finance, the Governor of the Central Bank of Iraq, and a number of advisors and directors of government banks. The Prime Minister stressed the need to intensify inspection procedures in financial transfer operations, and not to be lenient in pursuing speculators who exploit the crises that the region is going through, in order to achieve personal profits and benefits at the expense of the public interest of the country, directing the Ministry of Finance, the Central Bank and bank managers to simplify procedures for business owners, regarding financial transfers. The Prime Minister also directed the formation of a working team, working on preparing packages to deal with the current economic and financial situation, and to restore investment tools in the Central Bank of Iraq and link them to the size of each bank's deposits. During the meeting, financial reforms and monetary policies followed were discussed in light of the decisions taken by the Council of Ministers, and he directed to fully activate all decisions and review the obstacles that prevented the implementation of some among them. The meeting also witnessed a discussion of the progress of work in the plans prepared within the framework of developing the work of banks, and the reform measures undertaken by the banks' administrations with Ernst and Young, and the level of progress achieved in this regard, in a way that ensures providing the best services to their customers. The meeting discussed the facilities provided by banks in the field of attracting deposits, which enhances the role of the banking sector in financing projects and promoting econom ic development, and Al-Sudani directed to reconsider the benefits provided by banks to depositors. The meeting also discussed the measures taken in the field of encouraging citizens to continue using electronic payment systems, which are witnessing a significant increase in the number of users. In this regard, Al-Sudani directed to study and launch the government incentive program for the use of electronic payment tools, including cash refunds. Source: National Iraqi News Agency