The Central Bank of Iraq (CBI) has outlined the main components of its new banking reform plan, developed in partnership with the global consulting firm Oliver Wyman, aimed at modernizing Iraq’s financial and banking system over the next five years.
CBI spokesperson Alaa Al-Fahd described the initiative as “the most important strategic step” taken by the Central Bank to enhance financial development, digital transformation, and banking competitiveness in Iraq.
Al-Fahd explained that the reform plan focuses on several key objectives, including:
- Expanding digital and electronic banking services
- Increasing financial inclusion across all sectors
- Reducing reliance on paper-based transactions
- Raising the performance of local banks to align with global and regional standards
He added that while the plan faces significant challenges, its gradual implementation over three to five years is expected to lay a strong foundation for a modern, technology-driven banking environment.
“The agreement of banks to join this reform path represents a successful first step,” Al-Fahd stated, emphasizing the long-term nature of the transformation.
The spokesman highlighted a major milestone — the opening of an Arab Bank branch in Baghdad — as evidence of Iraq’s growing integration into regional and international financial markets.
According to Al-Fahd, this cooperation with Oliver Wyman aims to enable Iraqi banks to match the standards of major institutions in countries like the UAE and Saudi Arabia, focusing on technological advancement, cybersecurity, human resource development, and high-quality financial services.
He concluded that the initiative represents a comprehensive roadmap toward sustainable banking reform, positioning Iraq’s financial sector for stronger global competitiveness.
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