Comprehensive Banking Reform Initiative Launched in Iraq

The Iraqi government, in collaboration with the Central Bank of Iraq (CBI), has launched a strategic initiative to modernise the country's banking sector. The reforms aim to enhance banking standards, strengthen financial resilience, and improve Iraq's integration with global financial systems.

Key pillars of the initiative include:

 - Governance and Ownership: Strengthening transparency through diversified ownership structures and independent board oversight.
 - Service Standards: Expanding access to financial services and modernising banking infrastructure.
 - International Compliance: Aligning with global standards in anti-money laundering, counter-terrorism financing, and financial transparency.
 - Financial Resilience: Implementing robust capital and liquidity requirements to protect customer deposits and ensure economic stability.

The initiative is part of a broader strategy developed by the CBI in partnership with global consulting firm Oliver Wyman. Reforms in state-owned banks will complement this strategy, marking a major transformation in Iraq's financial sector. Further implementation details will be announced in due course.