The Central Bank sets a plan for banking reform.
The Central Bank sets a plan for banking reform.
2025/11/03
The Central Bank of Iraq has identified several key points for the banking reform plan that it agreed upon with the global company “Oliver Wyman”.
Central Bank spokesman Alaa Al-Fahd said in a press statement that “the plan is the most important strategy undertaken by the Central Bank to develop the financial and banking sector in Iraq in cooperation with the global company (Oliver Wyman)” noting that “the plan is represented by digital and electronic transformation, diversifying the base of financial inclusion and moving away from paper transactions, so that local banks will be at a level comparable to global and regional banks.”
Al-Fahd added that “this plan needs time to be implemented, despite the existence of very large challenges that it may face,” expecting “the banks’ agreement to enter into the reform plan to be a successful first step towards a path that extends from 3 to 5 years.”
He explained that “the turning point is the opening of a branch of (Arab Bank) in Baghdad, which is evidence of competition in the local, Arab, regional and international banking sector, so that banks in Iraq are no less than the banks of the Emirates and the Kingdom of Saudi Arabia, and its application in cooperation with the global company makes these banks operate at a global level of financial services, improve their quality, develop human resources and apply technological transactions and cybersecurity within a comprehensive plan for technological, financial and banking reform and development in Iraq.”
alforatnews.iq
