The Iraqi government, in collaboration with the Central Bank of Iraq (CBI), has launched a comprehensive banking reform initiative aimed at enhancing financial flexibility, raising banking standards, and increasing the sector’s global competitiveness.
In a statement released by the Prime Minister’s Office (PMO), the government emphasized its commitment to “an integrated strategic banking reform process” that will reshape Iraq’s financial landscape. The reforms, it noted, are designed to ensure the banking system keeps pace with regional and global developments while fostering international partnerships in modern banking and financial transactions.
As part of this initiative, the CBI is working closely with international partners to “implement and develop regulatory and supervisory frameworks” that will contribute to sustainable economic growth. The statement also highlighted the government’s role in supporting these efforts, saying it remains dedicated to “strengthening governance structures, improving service quality, and aligning with global financial requirements.”
A key aspect of the reform process is the collaboration between the CBI and Oliver Wyman, an international management consulting firm, to modernize the banking industry. The initiative also includes continued reforms in government banks, which officials say mark “an unprecedented shift in Iraq’s financial system.”
