🏦 Dr. Mahoud: Iraq’s Banking Reform Centers on Trust, Speed, and Tech

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🏦 Dr. Mahoud: Iraq’s Banking Reform Centers on Trust, Speed, and Tech

🗓️ Sunday, Sept 28, 2025 | From Baghdad
👤 Saleh Mahoud – Advisor to the PM on Banking Affairs

🔍 3 Core Pillars of Iraq’s Banking Reform Plan

According to Dr. Mahoud, Iraq’s banking reform strategy focuses on three essential areas:

✅ Trust
- Built through effective institutions
- Compliance with anti-money laundering laws
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- Boosts investor confidence in the system.
⚡ Speed of Procedures
- Accelerated by digitization
- Focus on electronic payment systems
- Government + CBI + Private Sector = Strong collaboration.
💳 Modern Banking Tools
- Push for electronic payments across all sectors
- Smart card usage initiated at fuel stations to shift public behavior.
- Result: Growing awareness & adoption among citizens.

🧱 Challenges to Reform Still Exist

Mahoud acknowledged hurdles in the reform process:

🧠 Cultural resistance: Iraq remains heavily cash-based.
🛜 Infrastructure gaps: Especially between cities vs. rural areas.
🛡️ Cybersecurity and legal frameworks still evolving.

🔧 Solution:
Government and CBI have issued strong directives to implement digital tools in all governorates.

🌍 World Bank Gives Iraq a Thumbs-Up 👍

At a recent financial symposium:

🌐 “The World Bank praised Iraq’s rapid digital transformation and financial inclusion.”

📈 Indicators show:

📊 Increased use of bank cards
🏧 Growth in point-of-sale terminals
💸 Enhanced access to financial services

💡 Bottom Line:

Iraq’s banking sector is transforming fast — not just for compliance or convenience, but to lay the financial foundation for investment, inclusion, and economic reform.

🔄 This digital momentum ties directly into Iraq’s readiness for the larger monetary reform, including the long-awaited currency reset.