The Association Of Private Banks Reveals The Latest Details Of Banking Reform In Iraq.
Banks Economy News – Baghdad The Iraqi Private Banks Association confirmed on Thursday that banking reform in Iraq encompasses both the public and private sectors, noting that the reform plan has reached its final form and will include all private banks without exception.
Ali Tariq, Executive Director of the Iraqi Private Banks Association, said, “Banking reform in Iraq consists of two parts: the first for government banks and the second for private banks.”
He explained that “reform for private banks consists of standards divided into four axes: the first is governance, capital, and ownership structure. The second axis is the business plan and the products offered by banks, and how to spread their branches, ATMs, and all financial and banking services.”
He added, “The third axis relates to developing procedures, particularly with regard to anti-money laundering, compliance, and risk management. The fourth axis concerns financial statements, which include financial statements and multiple ratios that the bank must adhere to in the future. Therefore, the issue of capital, ownership structure, and governance is part of a broader reform plan.”
He explained that “during the previous period, there were serious comments from the banks, which were conveyed to the Central Bank of Iraq, and a dialogue was opened.”
He continued, “We are now in the final stage of formulating the plan, which will include all banks, not just those deprived of dollars or specific banks, but all private sector banks.” He noted that “this plan is not just to fix a defect, but rather to set standards that the bank must adhere to to ensure it is above the norm and continues to operate normally.” https://economy-news.net/content.php?id=59911
The Central Bank’s Fruitful Efforts To Achieve The Comprehensive Banking Reform Project.
Samir Al-Nusairi The Central Bank’s actions and efforts, in partnership and consultation with private banks, have been fruitful in facilitating the implementation of the objectives, mechanisms, and standards of the comprehensive banking reform project, in cooperation with the government and the global consulting firm Oliver Wyman, and the objectives and initiatives of its third strategy.
Given that economic reform begins with banking reform, the challenges facing the Iraqi economy and the opportunities for reform in the banking and financial sector are highlighted in the government’s program, as are the prospects for the Central Bank’s future vision for the role of the banking sector in achieving sustainable development and investment.
The efforts currently being made to activate and revolutionize productive economic sectors other than oil to diversify sources of national income, achieve financial sustainability, and accelerate the growth of the national economy are also highlighted, as is the role of the Central Bank in regulating foreign trade financing, completing infrastructure projects to achieve comprehensive digital transformation, and expanding the use of electronic payment tools to achieve financial inclusion.
Opportunities exist to reform and develop the banking sector during 2025-2028 in accordance with the following objectives:
First: Developing the Iraqi banking system and its compliance with international banking and accounting standards.
Second: Building a sound, modern, comprehensive and flexible banking sector.
Third: Enhancing citizens’ confidence in the banking sector locally and internationally, and acknowledging its transparency, progress, and strict commitment to international standards, and gaining the trust of reputable correspondent banks to deal with it.
Fourth: Rehabilitating restricted and weak banks to return to activity in the banking market with full internal and external activities.
Fifth: Transforming banks to their primary function, which is financing and bank lending for development, and enhancing financial inclusion and increasing its current rate as planned.
Sixth: Strengthening the procedures and decisions for the transition from a cash economy to a digital economy, withdrawing funds outside the banking cycle, which constitute approximately 80%, and introducing them into the banking system.
Although all the above objectives have a three-year implementation period according to the banking reform project and the Central Bank’s strategy, what was achieved in 2023 and 2024 and up to June 30, 2025 in terms of building foundations, rules and pillars formed a supportive pillar in building the mechanisms and paths of the desired reforms, and they constitute ambitious percentages as announced, which will lead to the evaluation and classification of banks based on their achievement of the planned objectives in the reform project according to the internationally approved standards and criteria. https://economy-news.net/content.php?id=59864
Oil Prices Fall Due To Global Developments
Economy | 08:59 – 11/09/2025 Mawazine News – Follow-up: Oil prices fell slightly on Thursday, with weak demand for crude in the US, along with the prospect of a widespread increase in supplies, despite escalating tensions in the Middle East and the Russian war in Ukraine.
Brent crude futures fell about 0.2% to $67.35 a barrel, while US crude futures fell 0.2% to $63.53 a barrel.
Both benchmark crude contracts rose by more than $1 on Wednesday after the Israeli attack on the political leadership of Hamas in Qatar the day before Tuesday, and as Poland activated its air defenses and NATO air defenses to shoot down suspected Russian drones that had strayed into its airspace during an attack on western Ukraine.
The Energy Information Administration revealed that US crude oil inventories rose by 3.9 million barrels in the week ending September 5, compared to expectations for a draw of 1 million barrels, while gasoline inventories increased by 1.5 million barrels, compared to expectations for a draw of 200,000 barrels, according to Reuters. https://www.mawazin.net/Details.aspx?jimare=266594
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