2026-07-11T16:58:30+00:00
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Shafaq News- Baghdad
Iraq’s Finance Ministry plans to merge Rafidain Bank with
Rasheed Bank and the Cooperative Agricultural Bank with the Industrial Bank, a
government source told Shafaq News on Saturday.
The plan also includes merging several other banks as part
of a broader financial, administrative, and infrastructure restructuring
program. According to the source, the proposal was discussed extensively
between Finance Minister Falih Al-Sari and Prime Minister Ali Al-Zaidi, who set
an initial timeline of up to two years for completing the mergers and
restructuring, adding that the process could be accelerated and finalized
within one year.
“Restructuring the country’s largest banks would
strengthen Iraq’s banking sector, support monetary and economic stability, and
enhance banks’ ability to manage transfers and cash transactions. It would also
help regulate the dollar market while supporting trade and broader economic
activity.”
Earlier today, the Eco Iraq Observatory said 81 banks and
representative offices operate in Iraq, one of the highest totals in the Middle
East, noting that banking services remain below expectations and that the
country still lacks fully integrated digital banks.
Read more: Banking reform: Between necessary change and crippling conditions