CBI launches major private banking reforms
Shafaq News/ On Monday, the Central Bank of Iraq (CBI) announced a comprehensive set of reforms to overhaul the country's private banking during the Iraqi Banking Sector Reform Conference in Baghdad.
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.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Shafaq News
4 hours ago
- Shafaq News
Iraq's domestic debt surpasses $60B by March 2025
Shafaq News/ Iraq's domestic debt increased to 85.536T IQD ($60.5B) by the end of March 2025, the Central Bank of Iraq (CBI) reported on Saturday. The figure marked a rise from 82.608T IQD ($58.5B) in February and a 2.91% increase compared to the end of 2024, when domestic debt stood at 83.050T IQD ($58.8B). Over the longer term, the debt has surged by 17.53% from 70.585T IQD ($50B) in 2023. According to CBI, the debt comprises bonds valued at 12.567T IQD ($8.9B), loans from state-owned banks totaling 5.800T IQD ($4.11B), and loans from financial institutions amounting to 13.352T IQD ($9.4B). It also includes 2.030T IQD ($1.4B) in treasury bills for the Finance Ministry, 51.030T IQD ($36.16B) in treasury transfers, and an additional 755.519B IQD ($535.32M) in obligations on the Finance Ministry. CBI did not elaborate on the potential impact of this rising domestic debt on Iraq's fiscal landscape.
Iraq Business
18 hours ago
- Iraq Business
Iraq Launches QR Code Platform to Combat Counterfeit Goods
By John Lee. Prime Minister Mohammed Shia Al-Sudani reaffirmed his government's continued support for the industrial sector, the modernisation of the banking system, and tighter oversight at border crossings to block the entry of substandard goods. Speaking on Thursday at a ceremony held by the Iraqi Federation of Industries (IFI) to mark National Industry Day , the Prime Minister officially launched a national QR code platform for Iraqi industrial products. This digital initiative is intended to: Safeguard the authenticity of Iraqi goods Prevent the circulation of counterfeit products Strengthen the identity of local brands Prepare Iraqi goods for export through compliance with global supply chain standards Improve international market access Boost confidence in Iraqi manufacturing abroad Support economic growth and digitisation Accelerate digital transformation in production and retail According to a press release, the initiative reflects the government's broader strategy to revitalise local industry, improve trade standards, and align with international best practices in product verification and logistics. (Source: PMO)
Iraq Business
18 hours ago
- Iraq Business
Asiacell and China Mobile partner on Digital Transformation
By John Lee. Asiacell and China Mobile International (CMI) have signed a Memorandum of Understanding (MoU) to jointly deliver comprehensive digital and telecom solutions in Iraq, with a strong focus on B2B and enterprise services. The agreement aims to support Iraq's broader digital transformation by leveraging CMI's global technical expertise and real-world use cases to empower Iraqi enterprises through innovative, scalable, and efficient digital infrastructure. Alex Lee, CMI's General Manager for the Middle East, expressed enthusiasm about the partnership: "We are excited to work with Asiacell to unlock new opportunities in Iraq. Our shared vision for a digitally connected world aligns with the tremendous growth potential of this market." Asiacell CEO Amer Sunaa added: "This marks a milestone in Iraq's digital journey. Partnering with CMI reinforces our commitment to delivering world-class telecom and IT solutions that meet the evolving needs of businesses across the region." The partnership will focus on international connectivity, enterprise services, and emerging technologies to boost innovation and sustainable growth across key sectors in Iraq. (Source: Asiacell)
