Central Bank of Iraq Governor Nizar Nasser Hussein said the bank will continue implementing its banking sector reform program while supporting the national economy, emphasizing that the current government is pursuing a development strategy that places the private sector at the center of economic growth.
According to a statement issued on Sunday, Hussein said the Central Bank is moving forward with banking reforms in coordination with global consulting firm Oliver Wyman. He noted that the next phase is expected to bring further positive developments to Iraq’s banking sector and strengthen its integration with the international financial system.
The governor highlighted the strong level of international confidence in the Central Bank of Iraq, stressing the importance of reinforcing internal oversight mechanisms and adopting preventive measures across financial and banking institutions to maintain stability and compliance.
Addressing concerns about depositors’ funds, Hussein said that most deposits within Iraq’s banking system are protected. He explained that the Central Bank would intervene when necessary, within its legal authority, to address any financial disruptions or deficits. He also reassured the public that the institution possesses sufficient reserves, financial tools and crisis-management plans to respond effectively to potential challenges.
On monetary policy, Hussein revealed that the total volume of Iraqi currency currently issued for circulation stands at approximately 107 trillion dinars. He added that any future currency replacement process would help provide a clearer picture of the actual money supply circulating within the economy.
The governor also underscored the role of the media in supporting economic and banking reforms, arguing that responsible coverage can help improve Iraq’s international image and strengthen investor confidence. He said the government’s economic vision is increasingly aligned with private-sector principles and recognizes the sector’s importance in driving sustainable growth.
As part of efforts to stimulate economic activity, Hussein announced that the Central Bank is preparing to launch new lending initiatives aimed at supporting key development projects. He said these programs are expected to encourage investment, boost production and expand the role of the private sector within the national economy.
Concluding his remarks, Hussein stressed that banking reform remains an ongoing process focused on building a more efficient, competitive and resilient banking sector. He said the ultimate goal is to deepen Iraq’s integration with the global financial system while promoting long-term financial and economic stability.
