The authorities, in cooperation with the central financial institution of Iraq – CBI, adopted on Tuesday a comprehensive initiative for banking reform.
“Banking reforms have been a cornerstone of the economic reform agenda outlined within the authorities program. To enhance the crucial steps initiated through the authorities on this region since assuming office – and to attain key development objectives that require a robust banking zone – the authorities, in collaboration with the CBI, has launched a complete initiative encompassing a strategic and included set of banking reforms,” in line with a assertion by using the PM Media workplace – received by way of the dinaropinions.com.
The announcement included that “this initiative marks a pivotal second in Iraq’s financial improvement, aligning with commitments to enhancing banking requirements, strengthening economic resilience, and fostering a more competitive economic system.”
“these complete reforms intention to maintain tempo with tendencies in the region and globally, facilitate more partnerships, and expand Iraq’s connectivity with global banking and economic structures. CBI is actively running to enforce and refine regulatory and supervisory frameworks in cooperation with global companions to promote sustainable growth and improvement inside the banking zone. on the identical time, the authorities is assisting the CBI’s efforts to enhance the overall banking environment,” introduced the statement.
those reform efforts are constructed upon the subsequent key pillars:
1- improving ownership systems and governance frameworks
Strengthening transparency and duty through enforcing measures which includes diversifying possession structures and ensuring independent board oversight of operations and committees.
2- enhancing service standards
increasing get entry to to crucial monetary services for all Iraqis with the aid of growing performance, diversifying financial products, and modernizing the banking region’s infrastructure.
3- Aligning with international standards
imposing adherence to globally recognized frameworks and exceptional practices in anti-cash laundering and countering the financing of terrorism, as well as financial transparency, to make certain the seamless operation of banking services and support each commercial enterprise wishes and individual monetary transactions.
4- improving economic resilience
Strengthening the economic stability of Iraqi banks through imposing sturdy capital and liquidity necessities, ensuring the protection of consumer deposits, and safeguarding the economic system in opposition to home and global challenges.
This initiative is part of a broader approach aimed at modernizing Iraq’s banking zone. The CBI is currently growing this method in partnership with Oliver Wyman, a leading global management consulting firm. the continuing banking reforms, consisting of those undertaken with state-owned banks, will supplement this approach, marking a transformational shift in Iraq’s monetary machine.
“similarly details on the implementation of those reforms will be introduced in due route.”
With this initiative, the authorities and the CBI reaffirm “their shared dedication to a reform vision that establishes a contemporary, obvious, and inclusive banking device – one which helps the aspirations of Iraq’s dynamic economic system.”
