The Central Bank of Iraq’s Governor, Ali Mohsen Ismail Al-Allaq, used a speech at the Union of Arab Banks’ Conference on Investment in Reconstruction and the Role of Banks in Beirut to emphasise closer Arab banking integration as a channel to support economic stability and finance sustainable development. He highlighted international experience that positions the banking sector as a key driver of growth, job creation and investment, particularly where global practices in banking management, governance and innovation are adopted. For Iraq, he described ongoing efforts to build a strong, modern banking sector capable of leading financial and economic transformation, including strengthening monetary and financial stability and improving banks’ capacity to support sustainable development. Priorities cited included adopting best standards of management and governance, accelerating digitalisation and financial and technological innovation, advancing financial inclusion, and integrating the financial system with the formal economy, alongside a multi-year strategic vision intended to support local and foreign investment and deepen cooperation with Arab counterparts.
Central Bank of Iraq 2025-11-27
Central Bank of Iraq Governor sets out push for Arab banking integration and Iraq’s banking sector modernisation
The Central Bank of Iraq's Governor, Ali Mohsen Ismail Al-Allaq, emphasized at a conference in Beirut the importance of Arab banking integration for economic stability and sustainable development. He outlined Iraq's efforts to modernize its banking sector, focusing on governance, digitalization, financial inclusion, and integration with the formal economy to support investment and cooperation with Arab banks.