Shafaq News- Baghdad
Iraq's Finance Ministry plans to merge Rafidain Bank withRasheed Bank and the Cooperative Agricultural Bank with the Industrial Bank, agovernment source told Shafaq News on Saturday.
The plan also includes merging several other banks as partof a broader financial, administrative, and infrastructure restructuringprogram. According to the source, the proposal was discussed extensivelybetween Finance Minister Falih Al-Sari and Prime Minister Ali Al-Zaidi, who setan initial timeline of up to two years for completing the mergers andrestructuring, adding that the process could be accelerated and finalizedwithin one year.
"Restructuring the country's largest banks wouldstrengthen Iraq's banking sector, support monetary and economic stability, andenhance banks' ability to manage transfers and cash transactions. It would alsohelp regulate the dollar market while supporting trade and broader economicactivity."
Earlier today, the Eco Iraq Observatory said 81 banks andrepresentative offices operate in Iraq, one of the highest totals in the MiddleEast, noting that banking services remain below expectations and that thecountry still lacks fully integrated digital banks.
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