The Central Bank of Iraq has launched a reform plan for the private banking sector, presented as a comprehensive programme to strengthen the sector’s role and align it with international standards and technological change. The plan was announced by the Central Bank Governor, Ali Mohsen Al-Alaq, at a launch conference attended by Prime Minister Muhammad Shia Al-Sudani, parliamentary and cabinet officials, and private bank representatives. Work on the plan has been underway for nearly a year in cooperation with Oliver Ayman and supporting bodies. The reform is framed around three objectives: broadening financial inclusion in Iraq, raising the efficiency and productivity of private banks, and creating a fair competitive environment while improving sector resilience and the ability to withstand risks, against a backdrop of growing investment in financial technology, digital development and artificial intelligence.
Central Bank of Iraq launches private banking sector reform plan focused on inclusion, efficiency and competition
The Central Bank of Iraq has launched a reform plan for the private banking sector to enhance its role and align with international standards and technological advancements. The plan, developed over nearly a year with Oliver Ayman, focuses on financial inclusion, efficiency, productivity, and competitive fairness, amid increasing investment in fintech, digital development, and AI.