Iraq Economic News and Points To Ponder Friday Morning 10-17-25

0
16

Economic Advisor: Iraq Is Moving Forward With Banking Reform, And The Return Of Dollar Transactions Is Imminent.
 
October 16, 2025  Baghdad / Iraq Observer   The Prime Minister’s financial advisor, Mazhar Mohammed Salih, affirmed on Thursday that Iraq‘s commitment to international standards   paves the way for the return of dollar transactions,      attracting foreign investment, and      expanding financial inclusion.
 
He emphasized that the path of banking reform is   ongoing and   irreversible. 

Saleh said, “Iraq‘s commitment to   international standards and   banking transparency      means the         Iraqi financial system has entered a phase of radical reform,      which will      enhance international confidence and       qualify it to be an active player in the global economy.”

He noted that “the most significant gains   are not limited to the return of dollar transactions to national banks, but   also include      attracting investment and      expanding financial inclusion.” 

He explained that “adherence to international standards   requires that banking institutions adhere to      anti-money laundering and      counter-terrorism financing rules,      implement transparent accounting and oversight systems, and      digitally transform the banking infrastructure, including         electronic payment systems and         unified financial reporting.” 

He continued, “This also includes   opening up to sound international financial services,      by contracting with global companies to develop banking systems, particularly         financial auditing and         fintech companies,” adding, “This commitment   places Iraq on the map of the global financial system and   gives it the opportunity to integrate with international correspondent banks.” 

 He added, “The gains that will benefit Iraq   will also lead to the restoration of dollar transactions with international banks,      after some Iraqi banks were deprived of them         due to poor compliance issues.
 
They will also attract foreign investment, as   investors seek a      transparent and      secure financial environment.
 
They will also enhance financial inclusion by   integrating broad segments of citizens into the banking system      through digital services.   They will also improve Iraq‘s credit rating,   which will positively impact its ability to obtain international financing on better terms.” 
 
He pointed out that “enhancing confidence in the Iraqi banking system is achieved   through the confidence of international banks      that will deal with the modernized banking system,         which is compatible with international standards,       which opens the door for Iraq to deal with correspondent banks in Europe and America.
 
The Iraqi citizen’s confidence in the modernized banks is also increasing, and he begins to feel safe dealing with them, especially with the   development of electronic services and the   reduction of risks, in addition to the   confidence of international companies contracting with Iraq,      which are looking for a transparent financial environment that         guarantees the integrity of       transfers and       contracts.” 

He pointed out that   “the level of progress in the field of banking reform,   sponsored by Prime Minister Mohammed Shia al-Sudani      within the government’s program and its implementation, and     in cooperation with the Central Bank of Iraq,      came in accordance with the       2025 Banking Reform Document.” 

He added, “The Central Bank of Iraq is leading a comprehensive shift toward reform,   including      increasing capital in consultation with the banking system and      implementing comprehensive governance.”  He explained that
 
“the development of modern digital systems   is no longer an option,   but a necessity, and   has already begun in some leading banks,   despite ongoing challenges, such as    historically weak trust and     varying levels of preparedness among banks.” He emphasized that  “the reform path is clear and irreversible.”  https://observeriraq.net/مستشار-اقتصادي-العراق-ماضٍ-في-الإصلاح/  

Conclusion Of A Specialized Training Course On The Work Of Exchange And Financial Mediation Companies
 
October 16, 2025   The Central Bank of Iraq’s Center for Banking Studies concluded today a specialized training course titled    “The Operation of Exchange Companies and Financial Intermediation.”
 
The course ran from October 12 to 16, 2025, with the participation of a number of employees in the   banking sector and   accredited exchange companies.
 
The course aimed to enhance participants’ professional knowledge of the   working mechanisms of      exchange and      financial intermediary companies,   raise their level of proficiency in the    technical and   legal aspects     related to managing financial operations, and   develop their skills in      compliance and      adherence         to the regulatory standards       issued by the Central Bank of Iraq.
 
The course included detailed topics covering the   legislative and regulatory framework for exchange companies,   anti-money laundering and   counter-terrorism financing procedures, and   sound accounting and administrative practices   in managing   capital and      customer accounts. 

This course is part of the Center for Banking Studies‘ annual training program,   which aims to build human capacity in financial and banking institutions,   contributing to supporting the stability of the financial system and   developing the professional performance of banking sector employees.  https://cbi.iq/news/view/3014    
  

 Conclusion Of A Training Course On Financing Small Projects
 
October 16, 2025  The Banking Studies Center at the Central Bank of Iraq concluded today a specialized training course entitled”Financing Small Projects (Methods and Arithmetic Treatment)”,   which was held from October 14 to 16, 2025,   with the participation of a number of employees from      banks and      financial institutions.
 
The course aimed to enhance participants’ understanding of the   concepts and   importance      of small business financing and  its vital role in supporting the national economy, as it is one of the fundamental pillars of   achieving sustainable development and   providing job opportunities.
 
The training program covered several topics, including the   tools and methods used in designing microfinance programs, the   accounting requirements for small business financing operations, an   analysis of the    financial and      social impact of these projects on    banks and    clients, and the   development of skills    in preparing periodic reports    to monitor the performance of microfinance portfolios.
 
This course is part of the Center for Banking Studies‘ annual training program, which aims to   enhance the efficiency of employees in the Iraqi banking sector and   provide them with practical knowledge that will contribute to      expanding the scope of small and microfinance,    in line with the Central Bank of Iraq’s efforts to  support financial inclusion and       stimulate the national economy.      https://cbi.iq/news/view/3015 

For current and reliable Iraqi news please visit:  https://www.bondladyscorner.com