The Central Bank of Iraq confirmed that its banking sector reform program is continuing as Iraqi banks move through the second phase of the project.
According to the CBI, the current phase focuses on improving compliance rules, strengthening governance standards, increasing transparency, and raising the overall performance of banking institutions.
The bank said the reforms are designed to support financial stability and rebuild confidence in Iraq’s banking sector, especially after restrictions placed on some banks regarding external money transfer operations.
The CBI added that it is continuing to work with banks whose access to foreign transfer channels was limited, helping them meet international regulatory and compliance requirements.
As part of the process, the central bank is now finalizing the appointment of an independent specialized audit firm to conduct final assessments for banks that successfully completed the first phase of reforms. The review will check whether those banks fully comply with international standards and external transfer requirements.
Banks that pass the evaluation could regain access to foreign currency transfer channels, including transactions involving the euro, UAE dirham, Chinese yuan, and other approved international currencies.
The Central Bank also called on the public to rely only on official information sources, including its website and verified social media platforms, when following updates related to the banking reform program.
