CBI launches major private banking reforms
According to CBI's statement, the initiative, developed in coordination with private banks, the Iraqi government, and consultancy firm Oliver Wyman, targets three core objectives: expanding access to financial services, improving operational efficiency, and bolstering risk management. The plan outlines measures to broaden ATM and branch networks, modernize payment infrastructure, promote financial literacy, and enhance anti-money laundering and counter-terrorism efforts using digital identity tools.
The plan also enforces a unified regulatory framework across all licensed banks, structured around four pillars: governance, business model sustainability, financial performance, and regulatory compliance, CBI noted, adding, 'Ownership limits, board independence, leadership suitability, and greater transparency in audits and related-party transactions will be mandatory.'
Additionally, the bank stated that private banks will be required to align their business models with national economic objectives and comply with international capital and liquidity standards, affirming, 'Detailed business plans must be submitted as part of this alignment.'
Implementation will begin with an initial evaluation phase in early 2026, CBI clarified, pointing out that it will publish a full timeline in the coming months and host workshops to support institutions through the transition.
CBI stressed that 'the success of this plan depends on the active involvement of all stakeholders,' adding that both the CBI and the government will lead the implementation phase.
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