A three-year plan will change the face of the Iraqi banking system.

Economic and banking advisor Samir Al-Nusairi has confirmed that the Central Bank of Iraq (CBI) is making real progress in its comprehensive banking reform project, working closely with private banks and the international consulting firm Oliver Wyman.

He explained that this large-scale project aims to build a strong, modern banking system that supports faster economic growth, boosts Iraq’s GDP, and increases the market value of its banking sector.

Al-Nusairi told dinaropinions.com, “Economic reform starts with banking reform.” He said the Central Bank’s vision aligns closely with the government’s plan to create a major transformation in the financial system. This includes:

• Diversifying Iraq’s income sources beyond oil,
• Supporting local industries and non-oil sectors,
• Improving foreign trade financing,
• Developing digital banking infrastructure, and
• Expanding electronic payments to achieve full financial inclusion across the country.

According to Al-Nusairi, the period between 2025 and 2028 will bring big opportunities to strengthen and modernize private banks. The reform project focuses on several key goals:

• Upgrading Iraqi banks to fully meet international banking and accounting standards.
• Building a stable, inclusive, and resilient financial system.
• Restoring public confidence in Iraqi banks—both locally and internationally—through transparency and accountability.
• Rehabilitating weak or restricted banks so they can rejoin the market.
• Refocusing banks on their main role: financing businesses and supporting development.
• Shifting from a cash-based economy to a digital one, since around 80% of Iraq’s money supply still circulates outside the banking system.

Al-Nusairi also noted that progress made between 2023 and 2025 has already built a solid foundation for the next phase of reform.

He added that this stage represents a major step forward — one focused on evaluating and classifying banks according to global standards. This process, he said, will ensure that Iraq’s banking system becomes more advanced, transparent, and capable of supporting sustainable development in the years ahead.