By John Lee.
The Central Bank of Iraq (CBI) participated in the "Electronic Payments for Financial Stability" conference, hosted by Prime Minister Mohammed Shia' Al-Sudani and organized by the Iraqi Private Banks League (IPBL).
The event focused on Iraq's digital transformation in the banking and financial sectors. Central Bank Governor Ali Mohsen Al-Alaq highlighted the government's and the bank's commitment to advancing digital services, noting significant progress despite past challenges.
Al-Alaq emphasized the importance of developing local banking expertise and fostering international cooperation. He also revealed ongoing reforms in Iraq's banking sector, with plans to complete major milestones by year-end. The governor further announced that Iraq is moving toward digital banking, with 60-70 applications for digital bank licences under review.
According to a statement from the CBI, a limited number of these will be approved in the initial phase, adhering to the Central Bank's regulatory standards.
(Source: CBI)
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