The Central Bank of Iraq has launched a reform plan for the private banking sector, presented as a comprehensive programme to strengthen the sector’s role and align it with international standards and technological change. The plan was announced by the Central Bank Governor, Ali Mohsen Al-Alaq, at a launch conference attended by Prime Minister Muhammad Shia Al-Sudani, parliamentary and cabinet officials, and private bank representatives. Work on the plan has been underway for nearly a year in cooperation with Oliver Ayman and supporting bodies. The reform is framed around three objectives: broadening financial inclusion in Iraq, raising the efficiency and productivity of private banks, and creating a fair competitive environment while improving sector resilience and the ability to withstand risks, against a backdrop of growing investment in financial technology, digital development and artificial intelligence.
Central Bank of Iraq 2025-04-07
Central Bank of Iraq launches private banking sector reform plan focused on inclusion, efficiency and competition
The Central Bank of Iraq has launched a reform plan for the private banking sector to enhance its role and align with international standards and technological advancements. The plan, developed over nearly a year with Oliver Ayman, focuses on financial inclusion, efficiency, productivity, and competitive fairness, amid increasing investment in fintech, digital development, and AI.