Central Bank of Iraq Discusses Banking Reform Plan with Oliver Wyman

Central Bank of Iraq (CBI) Governor Ali Mohsen Al-Alaq and the CBI's specialist team have met with consultancy firm Oliver Wyman to review the Iraqi Private Banks League's comments on the national banking reform plan.

The Governor confirmed that the CBI had completed an in-depth discussion, during which participants showed understanding of the points raised and explored ways to adapt certain provisions flexibly to ease implementation. Oliver Wyman has begun assessing potential solutions to present the best proposals in the near future.

The CBI reiterated that the plan - developed over several months - aims to establish a stable and secure banking sector in line with international standards, local laws, and best practices in governance, compliance, and risk management. The ultimate goal is to strengthen the sector's economic role, enhance development, and deliver services efficiently using modern technologies.

Implementation of the plan is expected to restore correspondent banking relationships for compliant Iraqi banks, especially those currently lacking such international ties. The CBI expressed gratitude to all banks for their cooperation and stressed that the plan's success depends on the collaboration of all stakeholders.