Iraqi Banks Association: The reform plan has reached its final form and will include all private banks.
Iraqi Banks Association: The reform plan has reached its final form and will include all private banks.
2025-09-11
The Iraqi Private Banks Association confirmed on Thursday that banking reform in Iraq includes both the public and private sectors, while indicating that the reform plan has reached its final form and will include all private banks without exception. The Executive Director of the Iraqi Private Banks Association, Ali Tariq, told the official agency that “the banking reform in Iraq consists of two parts, the first for government banks and the other for private banks.” He explained that “the reform for private banks consists of standards divided into four axes: the first is governance, capital and ownership structure, the second axis is the business plan and the products offered by banks and how to spread their branches, ATMs and all financial and banking services.”
He added, “The third axis relates to developing procedures, particularly with regard to anti-money laundering, compliance, and risk management. The fourth axis concerns financial statements, which include financial statements and multiple ratios that the bank must adhere to in the future. Therefore, the issue of capital, ownership structure, and governance is part of a broader reform plan.”
He also stated that “during the previous period, there were serious comments from the banks, which were conveyed to the Central Bank of Iraq and a dialogue was opened.”
He continued, “We are now in the final stage of formulating the plan, which will include all banks, not just those deprived of dollars or specific banks, but all private sector banks.” He noted that “this plan is not just to fix a defect, but rather to set standards that the bank must adhere to to ensure it is above the norm and continues to operate normally.”
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