The Central Bank of Iraq is moving towards appointing an independent auditing firm to evaluate banks.
The Central Bank of Iraq is moving towards appointing an independent auditing firm to evaluate banks.
2026-05-12
Shafaq News – Baghdad
The Central Bank of Iraq confirmed on Tuesday the continuation of the banking sector reform program, within a strategic vision aimed at strengthening the resilience of the financial system and raising the efficiency of banking institutions in accordance with international standards.
The bank said in a statement, received by Shafaq News Agency, that Iraqi banks are continuing to complete the requirements of the second phase of the reform program, which focuses on strengthening compliance, governance, transparency and improving institutional performance, in order to support financial stability and consolidate confidence in the banking sector.
He noted that work will continue with banks whose access to external transfer channels has been restricted, by supporting them and enabling them to meet the approved regulatory requirements and standards.
The bank indicated that the procedures for contracting with an independent and specialized auditing firm are currently progressing, to undertake the tasks of final evaluation of banks that meet the criteria of the first phase of the reform program, in order to ensure their compliance with the requirements of foreign transfers and relevant international standards.
He added that this step aims to provide compliant banks with the opportunity to regain access to foreign currency transfer channels, including the euro, the UAE dirham and the Chinese yuan, along with other international currencies.
The Central Bank affirmed that the reform program represents an integrated path to enhance the safety of the banking sector, consolidate confidence in it, and support its integration into the global financial system.
He also stressed the need to rely only on official channels for information related to the banking reform program, warning against circulating unreliable news through the media and social media platforms.
The bank renewed its commitment to continue implementing banking reforms transparently, thereby enhancing the development of the financial sector in Iraq.
shafaq.com
