The reform of the Banking sector is key to Iraq's economic reform agenda.The initiative aims to modernise the banking sector to support economic development and financial resilience, as reported by Prime Minister's Media Office on February 4.
The goal is to apply international standards to Iraq’s banking sector to enhance financial transparency, governance, and accountability. It also aims to strengthen the sector’s competitiveness and flexibility and improve access to banking services for all Iraqis.
The implementation strategy focuses on diversifying bank ownership structures and ensuring independent oversight to enhance governance while expanding access to financial services and improving efficiency to raise service standards.
The reforms also stressed anti-money laundering (AML) and counter-terrorism financing (CTF) measures to ensure international compliance.
Moreover, It strengthens capital and liquidity requirements to safeguard deposits and uphold financial stability, contributing to the broader goal of economic stability.
The Central Bank of Iraq (CBI) is leading the reforms in collaboration with international partners, including Oliver Wyman, a global leader in management consulting.
The government and banking sector will collaborate to integrate reforms into state-owned banks, with a phased implementation plan to be outlined in future announcements.
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