CBI Governor: Banking Sector Reform Continues
Central Bank of Iraq (CBI) Governor Nizar Nasser Hussein confirmed that the banking sector reform program is continuing in coordination with Oliver Wyman, noting that the next phase will bring further developments aimed at enhancing the efficiency of Iraqi banks and strengthening their integration into the international financial system.
The Governor said that international confidence in the Central Bank of Iraq remains high, adding that the CBI continues to strengthen internal oversight and implement preventive measures concerning financial and banking institutions.
Regarding deposit protection, Hussein stated that the majority of depositors’ funds are guaranteed and that the Central Bank would intervene, within the scope of its powers and responsibilities, in the event of any financial shortfall or disruption. He emphasized that the CBI has the necessary tools, reserves, and contingency plans to manage potential crises.
He also noted that the total amount of Iraqi currency issued into circulation stands at approximately IQD 107 trillion.
The Governor further revealed that the Central Bank intends to launch new lending initiatives to support vital projects, stimulate investment and production, and strengthen the role of the private sector in Iraq’s national economy.