The Central Bank of Iraq announced, with the Iraqi government, a comprehensive initiative to deliver an integrated strategic reform of the banking sector, positioning it as part of the government’s wider economic reform programme. The central bank is developing the broader banking modernisation strategy in partnership with Oliver Wyman, with ongoing reforms in state-owned banks presented as aligned to that approach. The reform agenda is framed around strengthening ownership structures and governance through greater transparency, accountability and independent oversight, improving service standards and access to basic financial services by modernising infrastructure and expanding product availability, and strengthening alignment with international standards including anti-money laundering and countering the financing of terrorism and broader financial transparency. It also includes enhancing banks’ financial resilience through stronger capital and cash liquidity requirements aimed at protecting deposits. Operational details of the reforms are expected to be set out in a later update.
Central Bank of Iraq 2025-02-04
Central Bank of Iraq and government launch comprehensive strategic banking reform initiative with Oliver Wyman
The Central Bank of Iraq, in collaboration with the Iraqi government and Oliver Wyman, announced a strategic reform initiative for the banking sector, focusing on governance, service standards, and alignment with international standards. The reforms aim to enhance financial resilience through improved capital and liquidity requirements, with further operational details to follow.