🏦🇮🇶 WASHINGTON GRANTS IRAQI BANKS A “RESCUE PERIOD”: GRADUAL REFORMS THROUGH 2028 TO BREAK FREE FROM THE DOLLAR CONSTRAINTS
📅 Key Date: Extension until September 30 for Banks to Submit Reform Commitments
The Iraqi banking sector, on the verge of entering the US “red zone,” has been granted a reprieve. The Central Bank successfully negotiated an extension for private banks to comply with the Oliver Wyman reform plan.
🔑 Key Points of the Reform Plan:
Final deadline for banks to commit to the reform is now September 30, 2025 (previously August 31).
Reform will be implemented in four gradual stages, with capital increases of 50 billion dinars annually until 2028.
Family ownership limits in banks may increase from 10% to 40%, allowing greater participation.
Banks that do not join the reform can continue operating, but only in Iraqi dinars, without license revocation.
The plan aims to empower banks, not exclude them, considering Iraq’s unique environment.
Board members must be banking professionals, with training programs for key administrative positions.
🛤️ Three Paths for Banks:
Continue operating under current license while meeting reform conditions.
Merge with another bank.
Liquidate if they fail to comply.
🕰️ Reform Milestones:
Mid-2025
Mid-2026
2027 (final phase and potential exit from US restrictions).
🗣️ Statement from Financial Expert Mahmoud Dagher:
“Most banks want to reform but face challenges adapting to international standards. The Central Bank has shown flexibility, aiming for a gradual process to strengthen Iraq’s banking system.”
Why Does This Matter for the RV?
This gradual and mediated banking reform is crucial for Iraq to:
Free its financial system from US dollar and American restrictions.
Strengthen its national banking infrastructure.
Lay the groundwork for a more stable and internationally trusted economy.
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📈 This update marks an important step in Iraq’s financial evolution and future economic independence. Stay informed!
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