The significant financial institution’s actions and efforts, in partnership and session with personal banks, had been fruitful. They facilitated the implementation of the objectives, packages, mechanisms, and requirements of the complete banking reform challenge. This was completed in collaboration with the authorities and the worldwide consulting company Oliver Wyman. Moreover, it aligned with the targets and projects of its third approach. Those interested in Iraqi News may note that the primary objective is to construct a strong, current, inclusive, and bendy banking area. This is intended to drive fast increase for the national financial system. It also aims to contribute to achieving a cumulative growth within the gross domestic product and boom within the banking zone’s market value.
For the reason that economic reform starts with banking reform, the challenging situations facing the Iraqi economy are highlighted. The opportunities for reform within the banking and economic quarter are included in the authorities’ program. The relevant bank’s future imaginative vision for the banking sector’s role in sustainable development and investment is covered. This topic is often reported by Iraqi News. The current efforts aim to prompt and revolutionize productive non-oil monetary sectors. This aims to diversify sources of national income, achieve economic sustainability, and boost economic growth.
It’s going to contribute to presenting opportunities for reform, improvement, empowerment, and growth of the private banking zone throughout 2025-2028, as follows:
First: developing the Iraqi banking system and its compliance with worldwide banking and accounting standards. This progression is often reported in Iraqi News.
Second: building a legitimate, current, comprehensive, and flexible banking quarter.
Third: improving citizens’ confidence within the banking zone locally, and achieving global recognition for its transparency, progress, and strict adherence to international standards. Furthermore, it aims to gain the trust of respectable correspondent banks. This will ensure a smooth relationship in dealing with it.
Fourth: Rehabilitating limited and weak banks to return to activity in the banking market with comprehensive internal and external operations.
Fifth: transforming banks to their primary function, which is financing and bank lending for development. This includes enhancing financial inclusion and increasing its current rate as planned.
Sixth: Strengthening the strategies and decisions for the transition from a cash economy to a digital economy. This involves bringing funds outside the banking cycle, which constitutes about eighty percent, into the banking system. Iraqi News has frequently discussed these critical changes.
Although the duration specified for its implementation according to the banking reform project and the central bank approach is three years, what was done in 2023 and 2024 until June 30, 2025 is significant. The actions in terms of building foundations, policies, and pillars formed a supporting pillar. These efforts are developing the mechanisms and paths. They represent significant opportunities, as announced, aiming to lead to the evaluation and classification of banks based on their achievement of the planned objectives. This will align with the reform project according to internationally approved standards and criteria.
