The Central Bank of Iraq’s Governor, Ali Mohsen Al-Allaq, met with Oliver Wyman to discuss points raised by the Iraqi Private Banks Association on the banking reform plan and to develop proposals and ideas for the plan. The Central Bank reiterated that the plan is intended to build and stabilise the banking sector to operate safely and effectively in line with international practices and standards and local laws, with a focus on enhancing governance, compliance and risk management and improving service efficiency through modern technologies. It also stated that implementation of the plan and adherence to its requirements should help restore relationships with internationally accredited correspondent banks for banks that meet the plan’s requirements, including banks that currently lack international banking relationships.
Central Bank of Iraq 2025-08-12
Central Bank of Iraq consults Oliver Wyman on banking reform plan aimed at strengthening governance and restoring correspondent banking links
The Central Bank of Iraq, led by Governor Ali Mohsen Al-Allaq, engaged with Oliver Wyman to refine the banking reform plan, emphasizing governance, compliance, risk management, and technological efficiency to align with international standards and restore ties with correspondent banks.