Commitment & Confidence: How Iraq’s Currency Reform Is Setting the Standard

Sudanese: Exchange rate reform in Iraq should be an example of commitment and confidence

 

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According to Prime Minister Mohammed Shia al-Sudani, on Tuesday, the currency reform in Iraq should be an example of commitment and confidence.

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The Sudanese will receive today a delegation from KPMG, an international financial audit and consulting firm, during the ongoing protests, the press office said in a statement The company's cooperation with the Iraqi Monetary Authority guarantees the government's efforts to enhance the transparency of its operations and maintain the financial reputation of Iraq.

 

Sudani pointed out that "monetary reform in Iraq should serve as an example of commitment and confidence, and the role that financial audit companies play in the government's pursuit The government is looking forward to several strategic partnerships with these companies through the credibility of the Iraqi state institutions International Finance and Economics Complex"

 

"Iraq is committed to implementing the government's financial and spending reform program, and has played a role in improving financial classification and raising the confidence of international companies," he said "It is a great achievement in the implementation of compliance standards and the fight against money laundering, and the transition to the latest electronic accounting system.

 

He stressed the importance of using the company's expertise in the structure of public companies to promote operational efficiency, public religious administration, technical and legal advice Specialist in contract formulation for large strategic projects"Z

 

The Government supports the efforts of the Central Bank of Iraq and the Iraqi Bank for Commerce in the technical coordination agreement with KPMG to ensure the speedy completion of due diligence and compliance According to international standards, the timetable for the issuance of final expenditure accounts”, he stressed that “the government emphasizes transparency and financial issues as fundamental pillars in construction الاقتصاد الوطني الحديث"    <--   Why didn't that translate?

a different translation

"The Modern National Economy"

 

Al-Sudani: Banking Reform in Iraq Has Become a Model of Commitment and Trust

 

 

Prime Minister Mohammed Shia' Al-Sudani affirmed today, Tuesday, that banking reform in Iraq has become a model of commitment and trust.

 

His media office stated in a statement received by Al-Rabi'a that "Al-Sudani received today a delegation from KPMG, the global auditing and financial consulting firm. They reviewed the progress of the company's cooperation with the Iraqi banking sector, as part of the government's efforts to enhance the transparency of this sector's work and sustainably improve Iraq's financial reputation."

 

Al-Sudani indicated that "banking reform in Iraq has become a model of commitment and trust, and he valued the role played by financial audit firms in consolidating governance and professionalism in this sector." He emphasized that "the government views a strategic partnership with these firms as a way to enhance the credibility of Iraqi state institutions before the international financial and economic community."

 

He pointed out that "Iraq is proceeding with the implementation of the government's financial and banking reform plans, which has contributed to improving the financial rating." Raising the confidence of international partners in Iraqi banks, achieving significant progress in implementing compliance and anti-money laundering standards, and transitioning to modern electronic reporting."

 

He stressed "the importance of leveraging the company's expertise in structuring government-owned companies and improving their operational efficiency, public debt management issues, and specialized technical and legal consultations in drafting contracts for major strategic projects."

 

He affirmed "the government's support for the steps taken by the Central Bank of Iraq and the Trade Bank of Iraq in continuing technical coordination with KPMG to ensure the rapid completion of audit tasks, adherence to international standards, and the timetable for issuing the banks' final accounts." He emphasized that "the government considers transparency and financial accountability to be a fundamental pillar in building a modern national economy."  (this time it did translate) 

Parliamentary warning about the banking reform paper: It made Iraqi money captive to foreign banks

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On Tuesday, Haitham Al-Fahd, a member of parliament for the Al-Asas bloc, warned of a financial paralysis that could affect Iraq due to the banking reform paper, noting that this paper came with American controls and placed Iraqi money at the disposal of foreign banks. 

Al-Fahad told Shafaq News Agency, "The banking reform paper recently issued by the Central Bank was dictated in accordance with the controls and instructions of the US Federal Reserve, and was sent from Washington to Baghdad." 

He pointed out that "this paper detailed in precise detail the foreign invested capital in Iraq, specifically the banks whose capital is Jordanian, Emirati, Bahraini and Kuwaiti capital".

Al-Fahd added, "Foreign banks, under the name of Iraq, have made Iraqi capital a weak capital unable to perform its duties, and these banks have raised their capital from 200 to 400 billion dinars in a record time."

He explained that "the banking reform paper written in Washington made foreign banks and so-called investment banks the ones who control Iraqi capital."

The MP concluded his statement by saying, "At this stage, Iraqi monetary policy has become captive to foreign capital, and these banks are the ones who have come to control financial transfers, and if they stop working, there will be a major economic and financial paralysis in Iraq."

The Central Bank of Iraq had set a package of standards for reforming the banking sector, most notably increasing capital to 400 billion dinars before December 31, 2025, despite investors' reluctance to subscribe to its shares due to the sanctions imposed on it, which makes achieving this condition almost impossible, according to economic experts.

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