Latest news with #IraqiBankingSectorReformConference
Iraqi News
08-04-2025
- Business
- Iraqi News
Al-Sudani Meets Delegation from J.P. Morgan Bank
Prime Minister Mohammed S. Al-Sudani met a delegation from J.P. Morgan Bank. Media Office of the Prime Minister said in a statement obtained by the Iraqi news agency INA that Prime Minister Mohammed S. Al-Sudani met a delegation from J.P. Morgan Bank, headed by the bank's Vice Chairman Mr. Daniel Zelikow, on the sidelines of the Iraqi Banking Sector Reform Conference held in Baghdad. The statement read 'During the meeting, discussions focused on enhancing cooperation in the financial and banking sectors, as well as the bank's potential participation in financing various investment projects. The two sides also addressed mechanisms for securing financial credits and transfers to ensure they reach their recipients in Europe and the United States—an important step toward improving services provided to Iraqi traders and importers.' The statement further said that 'The Prime Minister emphasized the importance of expanding partnership areas between Iraqi banks and J.P. Morgan, reiterating the government's full readiness to provide all forms of support to strengthen this relationship.' The J.P. Morgan delegation expressed according to the statement, their willingness to deepen cooperation with Iraq by increasing the number of correspondent accounts opened for Iraqi banks, as well as their readiness to finance a number of investment projects, either directly or through partner financial institutions.
Iraqi News
07-04-2025
- Business
- Iraqi News
Parliamentary Finance Committee: Developing the Banking Sector is a Key Pillar for Achieving Comprehensive Economic Reform
Baghdad-INA The Finance Committee of the House of Representatives confirmed, on Monday, the Central Bank's support for promoting sustainable financing, noting that developing the banking sector is a key pillar for achieving comprehensive economic reform. Committee Chairman Atwan Al-Atwani said in a speech during the Iraqi Banking Sector Reform Conference, which was followed by the Iraqi News Agency (INA): "The banking sector reform project represents the starting point for developing the financial and monetary system based on solid scientific foundations, and the starting point for comprehensive economic reform and achieving sustainable development." He added, "The Finance Committee of the Iraqi House of Representatives is keen to support the Central Bank of Iraq's management as part of its efforts to promote sustainable financing, encourage government and private banks to finance economic activities and development projects, and diversify revenue sources, thus contributing to covering the financial deficit in public budgets. This is especially true since the banking sector is not just a financial system, but rather the backbone for stimulating the economy and combating corruption." He explained that "developing the banking sector is a fundamental pillar for achieving comprehensive economic reform and a major turning point toward a diversified economy, away from oil rents." Al-Atwani continued, "In light of the trend toward maximizing non-oil revenues, introducing modern banking systems into tax and customs operations provides a clear path for tracking financial transactions and collecting revenue more efficiently. It also contributes to reducing tax evasion and closing informal outlets that drain the state's resources and weaken its ability to invest and provide services." "Restoring confidence in our banking system and expanding digital financial transactions requires developing the infrastructure for this sector and providing cybersecurity for these transactions." Al-Atwani said.' He emphasized, "The process of reforming and developing the banking sector must be accompanied by a movement to establish genuine partnerships with international transfers institutions and banks to regulate foreign remittances, ensuring compliance with international standards and the controls of relevant financial institutions. This must also include establishing a clear understanding with the World Bank and the US Treasury, emphasizing that the Central Bank of Iraq is responsible for evaluating the performance and compliance of private government banks and punishing violators. This will help avoid any improvised decisions or sudden external sanctions that would put our banks at risk and disrupt their operations." Al-Atwani added, "We need a reform revolution in all sectors, especially the banking sector. This requires genuine will, collective action, and effective partnerships. Most importantly, we need a clear vision that goes beyond temporary solutions to create modern financial institutions capable of confronting economic challenges and crises, providing all necessary facilities to serve citizens and keep pace with modern requirements." He pointed out that "reforming the banking sector is a shared responsibility and must be a priority for both the legislative and executive authorities, given its direct impact on driving all productive sectors, achieving national security and financial stability, and consequently improving people's livelihoods, promoting social justice, and to secure the future of coming generations."
Shafaq News
07-04-2025
- Business
- Shafaq News
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.
Iraqi News
07-04-2025
- Business
- Iraqi News
Al-Alaq: Digital currencies will contribute to reshaping the traditional banking system
Baghdad-INA Central Bank Governor Ali Al-Alaq confirmed on Monday that digital currencies will contribute to reshaping the traditional banking system. In a speech he delivered at the Iraqi Banking Sector Reform Conference, attended by the Iraqi News Agency (INA), Al-Alaq said, "The Central Bank aims to achieve an advanced economy," stressing that "investment in research and development in the field of artificial intelligence must be increased." He added, "Digital currencies could lead to a restructuring of the traditional banking system," noting that "the Central Bank announces its readiness to implement the banking sector reform plan."
