Mazhar Saleh: Evaluating Bank Boards Boosts The Economy And Investor Confidence

Time: 2025/05/29 22:07:38 Read: 1,935 times  {Economic: Al Furat News} The Prime Minister's financial advisor, Mazhar Mohammed Saleh, affirmed on Thursday that Prime Minister Mohammed Shia al-Sudani's directive to re-evaluate bank boards is a strategic step to support the national economy. 

While noting that government reforms will positively impact the quality of banking services, he noted that   modernizing their structure will enhance transparency and increase investor confidence.

Saleh said in a press statement that "Prime Minister Mohammed Shia al-Sudani's directives to re-evaluate the boards of directors of state-owned banks represent a strategic step toward restructuring the Iraqi financial system,  in line with the current banking reform program. 

He explained that  this initiative aims to enhance banks' ability to support the real economy and achieve comprehensive development goals." He added, "The success of this step requires  institutional consensus and  ensuring the independence of financial decisions, in addition to optimal investment in national competencies in accordance with international governance standards."

He emphasized that "re-evaluating the boards of directors of government banks, which control more than 80% of banking activity in Iraq,represents a fundamental entry point for launching broader reforms,including digital transformation, modernizing the settlement and payments infrastructure, strengthening oversight and reducing systemic risks, as well as  improving compliance with International financial and monetary standards and  providing an attractive environment for investment." 

He continued, "This step comes within the framework of a comprehensive study conducted by the global consulting firm Ernst & Young, which focuses on improving banking governance in the government sector, thus contributing to the restructuring of government banking entities to become more effective in supporting development, investment, and revitalizing the financial market."

 Saleh pointed out that "the Iraqi financial and banking system, especially the governmental one,
faces major challenges in terms of  efficiency,  transparency, and  ability to support economic development."

 He stressed that the Prime Minister's call to reconsider the composition of the boards of directors of government banks aims to correct the course and ensure a healthy environment capable of achieving the required reforms, through the effective application of governance and transparency standards and the efficient representation of decision-makers and government banking policymakers."
 
The financial advisor expected that "the reassessment process will contribute to improving the speed and quality of financial decisions and enhancing risk management,
 
which will support the stability of the financial system and enhance transparency and accountability, thus increasing investor and public confidence."  He pointed out that "these reforms will have a positive impact on the quality of banking services provided, including improved payment, credit, and investment services."  

He stressed that "these measures are part of a comprehensive reform plan for the financial and banking system,
which contributes to advancing economic development by improving financial services and attracting investments, and enhancing the efficiency of financial institutions and resource management in line with the country's financial and development policies."     https://alforatnews.iq/news/مظهر-صالح-تقييم-مجالس-المصارف-يعزز-الاقتصاد-وثقة-المستثمرين