ARTICLE AD BOX
KTFA
Frank26: "BANKING REFORM IS THE MONETARY REFORM FOR AN EXCHANGE RATE".....F26
Al-Nusairi confirms that the comprehensive banking reform project announced by the Central Bank will yield promising results.
4/9/2025- Baghdad
Economic and banking advisor Samir Al-Nusairi confirmed that the banking reform project announced by the Central Bank is consistent with the methodology included and adopted in the government program and the Central Bank's third strategy for the years 2023 and 202
. It will yield promising results in cooperation with global consulting firms Ernst& Young, K2, and Oliver Wyman to build a transparent information base for comprehensive reform, starting with the banking sector as the first essential link in the economy. Without a sound, solid, and modern banking sector, a strong and robust national economy cannot be built.
Al-Nusairi pointed out that among the important initial results achieved is the commencement of the completion of the actual implementation of the plans drawn up during 2025 and 2026 for comprehensive reform, which are summarized in enhancing financial inclusion and achieving stimulating and sustainable returns for shareholders and investors, and the government and the Central Bank leading projects aimed at modernizing the private banking sector and meeting the needs of the transition to a rapidly growing national economy, creating a fair competitive environment in the banking market, and raising the level of private banks’ ability to confront risks and protect depositors and creditors, thus restoring confidence in the banking sector in general, as well as expanding digital transformation procedures, expanding and diversifying banking services and products, and complying with international standards.
Al-Nusairi pointed out that the above objectives, which were discussed yesterday at the Banking Reform Conference, are established as primary and secondary objectives in the Central Bank's third strategy for the years 2024-2026, and that work is being done on them with a steady, systematic approach, and that the objectives will be achieved in cooperation with Oliver and Wyman at an accelerated pace in the years 2025 and 2026.
It is clear that the Central Bank, in cooperation with relevant authorities, will focus on the following: sharing with the private banking sector detailed criteria and timelines for implementing the reform process, activating support channels, and holding workshops to provide technical assistance.
The Central Bank of Iraq is fully committed to achieving this transformation by working closely with all relevant stakeholders to pave the way for a strong, resilient, modern, and inclusive financial and banking system. LINK
English (US) ·