Central Bank: We are continuing to reform the banking sector and call for reliance on official sources.
Central Bank: We are continuing to reform the banking sector and call for reliance on official sources.
2026-05-13
The Central Bank of Iraq confirmed on Tuesday (May 12, 2026) the continuation of the implementation of the banking sector reform program, within its strategic vision aimed at strengthening the resilience of the financial system and developing the efficiency of banking institutions in accordance with best practices and international standards, calling for reliance on official sources in the exchange of information.
The bank’s media office explained in a statement that “Iraqi banks continue to work on completing the requirements of the second phase of the reform program, which focuses on raising compliance and governance levels, enhancing transparency, and improving institutional performance, in order to support financial stability and consolidate confidence in the banking sector.”
He noted that he would continue his efforts in cooperation with banks whose access to external transfer channels had been restricted, by supporting them and enabling them to meet the approved regulatory requirements and standards.
The bank explained that it is currently proceeding with contracting with an independent and specialized auditing firm to undertake the final evaluation of banks that meet the criteria of the first phase of the reform program, ensuring their compliance with the requirements for foreign transfers and relevant international standards.
The statement added that “these measures aim to provide compliant banks with the opportunity to regain access to foreign currency transfer channels, including the euro, the UAE dirham, the Chinese yuan, as well as other approved international currencies.”
He stressed that “these steps come within an integrated reform program aimed at enhancing the safety of the banking sector and consolidating confidence in it, in a way that serves the interests of the national economy and supports the integration of the Iraqi banking sector into the global financial system.”
With regard to information circulating through the media and social media platforms, the bank stressed the need to rely exclusively on news and information related to the banking reform program through the official channels of the Central Bank of Iraq, namely the official website and verified accounts on social media platforms, while avoiding reliance on unofficial or unreliable sources.
The Central Bank of Iraq renewed its commitment to continue implementing the banking reform program with full transparency, in order to achieve its aspirations in developing the banking sector and enhancing its presence and integration into the global financial system.
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