The Central Bank of Iraq (CBI) has confirmed that implementation of its banking sector reform programme is continuing, with Iraqi banks working to complete the requirements of the second phase, which focuses on raising compliance and governance standards, improving transparency, and enhancing institutional performance.
It said the programme aims to support financial stability and strengthen confidence in the banking sector, adding that it is continuing to work with banks whose access to external transfer channels has been restricted, supporting them in meeting the required regulatory standards.
The bank is currently finalising the appointment of an independent specialist audit firm to carry out a final assessment of banks that have met the first-phase requirements, to ensure their compliance with external transfer requirements and relevant international standards.
Banks that meet the criteria will be eligible to regain access to foreign currency transfer channels, including the euro, UAE dirham, Chinese yuan, and other approved international currencies.
The CBI urged the public to rely solely on official channels, including its website and verified social media accounts, for information about the reform programme.
(Source: Central Bank of Iraq)
