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CBI starts banking sector restructuring plan’s second phase

Baghdad (IraqiNews.com) – The Governor of the Central Bank of Iraq (CBI), Ali Al-Alaq, announced on Monday the start of the second phase of the plan for restructuring the banking sector in Iraq.

The CBI mentioned in a statement that Al-Alaq and the World Bank’s Regional Director for Equitable Growth, Finance, and Institutions (EFI) in the Middle East and North Africa (MENA) region, Nadir Mohammed, discussed strategies to enhance bilateral relations, particularly restructuring government banks and the launch of the Riyada Bank project.

The meeting addressed the CBI’s assistance for small and medium-sized businesses, as well as how to grow the banking and finance industries, non-banking financial institutions, financial markets, and insurance industry.

The meeting also covered how to take advantage of the World Bank’s expertise in digital banks, financial inclusion, and digital transformation.

After reviewing the CBI’s plan to reform the banking industry, Al-Alaq pointed out that the bank had finished the first phase of the plan and had started the second.

According to the Iraqi official, the CBI additionally issued a license for the Green Bank, marking the beginning of activities to fund sustainable development and renewable energy.

Al-Alaq also disclosed that licenses for digital banks are planned to be issued by the CBI.

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