Central Bank of Iraq Continues Banking Sector Reform
At a Glance
- CBI says it is continuing its banking sector reform program with Oliver Wyman.
- Governor Nizar Naser Hussein says international confidence in the bank remains high.
- The bank plans new lending initiatives to support investment, production, and vital projects.
The Central Bank of Iraq says it is continuing reforms to strengthen the banking sector and support the national economy. Governor Nizar Naser Hussein said the next phase is expected to bring further developments and greater integration with the international financial system.
Key Statements and Focus Area
- Banking Reform: “The banking reform represents an ongoing path aimed at building a more efficient and competitive banking sector. The vast majority of deposit funds in the banking sector are guaranteed. The Central Bank intends to launch new lending initiatives to support important projects. — CBI Governor Nizar Naser Hussein.
The Central Bank is implementing its banking sector reform program in coordination with Oliver Wyman. Hussein said the upcoming phase will focus on further developments in the sector and greater openness to the international financial system.
Speaking with economic experts, the governor said international confidence in the Central Bank of Iraq remains high. He also stressed the importance of strengthening internal oversight and adopting preventive measures for financial and banking institutions.
The governor said the bank has the reserves, financial tools, and contingency plans needed to manage potential crises. He added that the Central Bank would intervene within its legal powers and responsibilities if any defect or deficit occurred.
Regarding the money supply, Hussein said approximately 107 trillion Iraqi dinars have been issued for circulation. He added that changing the currency would help determine the actual amount of money circulating in the markets.
Hussein also highlighted the media’s role in supporting economic and banking reforms, improving Iraq’s image and strengthening international confidence.
He said the current government is being managed according to a vision based on the private sector and its role in economic development.
The new lending initiatives are intended to stimulate investment and production and strengthen the private sector’s role in the national economy.
FYI
The Central Bank of Iraq's strategic focus on revitalizing its exchange and non-banking financial sector centers on expanding operational capabilities while enforcing strict international compliance frameworks.
In previous exchanges with company leaders and board chairs, Central Bank Governor Nizar Naser Hussein outlined a modernization agenda designed to shift these companies into more dynamic, high-revenue components of the national economy.
To achieve this, the Central Bank is actively developing a series of new lending initiatives and diversified business activities aimed at widening the operational scope of exchange firms and establishing alternative revenue streams. However, this growth strategy is strictly conditional upon companies upgrading their internal governance systems to match international compliance and anti-money laundering standards.
By linking sector expansion directly to rigorous regulatory oversight, the Central Bank aims to simultaneously stimulate private sector investment and solidify international institutional confidence in Iraq’s broader financial architecture.
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