The Central Bank of Iraq (CBI) held talks with global consultancy Oliver Wyman to examine a banking reform plan proposed by the Iraqi Private Banks Association to advance sector modernisation and bring operations into line with international best practices.

Iraq's Central Bank, has been able to develop international relations in recent years due to the removal of sanctions on the banking industry following the first Trump administration. The country continues to grow its investments, with the CBI now expected to keep up to date with the latest regulatory frameworks. 

In a statement to Shafaq News on August 12, CBI Governor Ali Al-Allaq said, "The bank and specialised team held talks with Oliver Wyman to discuss the contents of the Association’s proposal."

Al-Allaq confirmed, “The CBI has completed an in-depth discussion, during which participants expressed understanding of the key points outlined in the plan and how some elements could be adapted flexibly to facilitate implementation steps."

He added, "The organisation has begun studying the available means to provide the best proposals and ideas in this regard at the earliest opportunity."

The statement noted that the Bank had already clarified during the months-long preparation of the plan that its aim was “to reach a genuine project for building and stabilising the banking sector to operate safely and effectively in line with international practices and standards and local laws, to strengthen governance, compliance, and risk management, enabling banks to play an economic role that supports development and delivers services with the highest levels of efficiency and effectiveness using best practices and modern technologies.”

The Central Bank added that implementing the plan would enhance domestic and international confidence in the Iraqi banking sector.

It added that adherence to its provisions will restore correspondent banking relationships for all banks meeting the plan’s requirements with internationally accredited correspondent banks—especially those with no international banking relationships.”