Central Bank of Iraq Discusses Banking Reform Plan with Oliver Wyman

 Central Bank of Iraq Discusses Banking Reform Plan with Oliver Wyman

On Tuesday, Governor Ali Al-Alaq of the Central Bank of Iraq (CBI) met with representatives from Oliver Wyman, the global consulting firm, to review and discuss the banking reform plan submitted by the Iraqi Private Banks Association. This is part of ongoing efforts to modernize Iraq’s banking sector and align it with international standards.

Key Points from the Meeting:

• The CBI completed a thorough discussion where all parties showed a clear understanding of the reform plan’s key points.

• Flexibility will be applied to some provisions to facilitate smoother implementation.

• Oliver Wyman is actively exploring the best approaches and solutions to support the reform process.

Objectives of the Reform Plan:

• Build and stabilize the Iraqi banking sector to operate safely and effectively.

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• Enhance governance, compliance, and risk management aligned with both international practices and Iraqi laws.

• Transition banks toward a stronger economic role supporting national development.

• Improve service quality and operational efficiency using modern technology and best practices.

Expected Outcomes:

• Restore and strengthen confidence in Iraq’s banking sector locally and internationally.

• Renew banking relationships with globally accredited correspondent banks, especially for banks currently lacking such connections.

This reform plan marks a significant step toward a modern and resilient financial system in Iraq.

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