Al-Nusairi: The Central Bank Is Making Fruitful Efforts In The First Half Of 2025 To Achieve The Comprehensive Banking Reform Project
Banks Economy News – Baghdad Economic and banking advisor Samir Al-Nusairi affirmed on Wednesday that the Central Bank's measures and efforts during the first half of 2025 were fruitful in implementing the objectives of the comprehensive banking reform project, in cooperation with the government and international consulting and auditing firms, particularly Oliver & Wyman, and the goals and initiatives of its third strategy for 2024-2026.
Al-Nusairi spoke about the challenges facing the Iraqi economy and the opportunities for reforming the banking sector within the government's framework, as well as the prospects of the Central Bank's future vision for the role of the banking sector in sustainable development.
He also spoke about the efforts currently being made to activate and revolutionize productive economic sectors other than oil, to diversify sources of national income and achieve financial sustainability, and the role of the Central Bank in regulating foreign trade financing.
Completing infrastructure projects to achieve comprehensive digital transformation and expanding the use of electronic payment tools to achieve financial inclusion.
Al-Nusairi explained that opportunities for reforming and developing the banking sector in 2025 are based on the following objectives:
First: Developing the Iraqi banking system and its compliance with international banking and accounting
standards.
Second: Enhancing citizens' confidence in the banking sector locally, and internationally recognizing its transparency, progress, and strict commitment to international standards, and gaining the trust of reputable correspondent banks to deal with it.
Third: Transforming banks to their primary function, which is financing and bank lending for development. Strengthening financial inclusion and increasing its current rate as planned.
Fourth: Banks that do not provide loans and banking facilities that contribute to development, as they are the lever of sustainable development, lose their meaning as banks, which requires a specific position from the Central Bank in 2025.
Fifth: Strengthening procedures and decisions to transition from a cash economy to a digital economy and withdrawing funds outside the banking cycle and bringing them into the banking system.
He pointed out that all the above objectives, although the period specified for their implementation according to the banking reform project and the Central Bank strategy ranges between (1-4 years), what was achieved in 2023 and 2024 until 6/30/2025 constitutes ambitious percentages as announced, which led to the evaluation and classification of banks based on their achievement of the planned objectives.
There are banks moving towards the required development and banks that still need an additional period of time to achieve the objectives, and there are troubled banks that are now making exceptional efforts from the Central Bank and the administrations of these banks to rehabilitate them. 881 views https://economy-news.net/content.php?id=56859