Iraq Economic News and Points To Ponder Saturday Morning 8-16-25

An Economic Expert Proposes Amending The Criteria For Iraqi Banking Reform.
 
Energy and Business     Central Bank of Iraq     banking reform  2025-08-14
Twilight News – Baghdad  He called Economist Ahmed Abdel Rabbo called on Thursday for amending the banking reform criteria. Announced by the Central Bank of Iraq, by adding a paragraph allowing some banks to operate Internally,under the supervision of the Central Bank, while the rest of the banks apply international standards in If she wants to work internationally. 

Abdul Rabbo told Shafaq News Agency, "The Governor of the Central Bank, Ali Al-Alaq, revealed a comprehensive plan for banking reform, and he is counting on the media's important role in clarifying this issue in a  transparent and   accurate manner."

He explained that "among the proposals proposed by specialists to the Governor of the Central Bank is allowing  some banks to operate internally under the direct supervision of the bank, while the remaining banks apply international standards with partners such as Oliver Wyman."

And between  "There is importance in opening an expanded dialogue between the Central Bank and Iraqi banks to clarify... The technical aspects of the document, and discussing the mechanisms for implementing reform in a gradual manner, taking into account Taking into account the specificity of the Iraqi economic reality, there is also the need to commit to reform. In principle, with the 
formulation of  standards and  procedures in a manner that enhances confidence in the banking sector. 

And contributes to its development. He pointed out Abdul Rabbo, to  "the importance of adopting a participatory and consultative approach between the Central Bank and banks,

By forming joint technical committees to review reform requirements and ensure their compatibility with reality. National financial and economic, while maintaining a balance between reform requirements and banks' capabilities. Iraqi, and  ensures the protection of the interests of local and international investors And workers in the sector.

It is indicated  The Governor of the Central Bank of Iraq, Ali Al-Alaq, held a meeting the day before yesterday. Tuesday, with the global company "Oliver Wyman", to discuss the details of the plan The banking reform presented by the Iraqi Private Banks Association,  as part of the efforts   Aiming to develop the banking sector and   align it with international standards.      
https://shafaq.com/ar/اقتصـاد/خبير-اقتصادي-يقترح-تعديلا-في-معايير-ال-صلاح-المصرفي-العراقي   

10 Iraqi Banks Are Under Liquidation, And The Central Bank Remains Silent.
 
August 14, 2025 Last updated: August 14, 2025  Al-Mustaqilla/- The Governor of the Central Bank of Iraq recently revealed that  10 Iraqi banks are facing liquidation due to their inability to fully provide services to customers.
 
In addition, some banks are facing sanctions that prevent them from dealing in US dollars.
 
Despite the governor's announcement, the Central Bank has yet to publish an official list of these banks on its website, raising questions about why this information has not been disclosed to customers and relevant authorities.
 

An informed source confirmed that the number of banks subject to liquidation may increase in the coming days, given the ongoing financial pressures and operational difficulties facing some banking institutions.
 
This development comes at a time when the Central Bank is seeking to enhance financial stability and protect customer funds, but it faces significant challenges in enforcing transparency and accountability for struggling banks.
 
Analysts suggest that not announcing the names of the banks may be aimed at  avoiding customer panic or  speculation on deposits,  but it also raises     investor concerns and raises   questions about the effectiveness of banking oversight in Iraq.
 
As these developments continue,  citizens and customers await a detailed official statement from the Central Bank  revealing the names of the affected banks and the  measures taken to guarantee depositors' rights.      https://mustaqila.com/10-مصارف-عراقية-تحت-التصفية-والبنك-المر/ 

Rafidain Bank Signs An Agreement With An American Company In The Field Of Financial Consulting And Oversight.
 
Baghdad Today – Baghdad   Rafidain Bank announced, on Friday (August 15, 2025), the signing of a professional partnership agreement with the American company "K2 Integrity" in the field of financial consulting and oversight. 

Rafidain Bank said in a statement received by Baghdad Today, "In a new strategic step that reflects Iraq's growing financial standing on the international stage, the headquarters of the Embassy of the Republic of Iraq in Washington witnessed the signing of a professional partnership agreement between  Rafidain Bank and the  American company K2 Integrity, a global leader in the field of financial and regulatory consulting." 

He added that "the agreement includes providing a comprehensive package of services, including
     combating money laundering and terrorist financing,
     implementing compliance systems in line with international standards, and
     strengthening the regulatory infrastructure of Iraqi banks."

 He noted that "this cooperation is part of the Iraqi government's strategy   to build a strong and transparent financial sector capable of keeping pace with global economic transformations and   consolidating Iraq's position as a promising financial center in the region."
 
According to the statement, Rafidain Bank's General Manager and Chairman of the Board of Directors, Ali Karim Hussein Zahir Al-Fatlawi, emphasized that
 
"this partnership represents a qualitative leap forward in the path of banking reform," noting that 
"the agreement will contribute to
     strengthening confidence in Iraqi banks and
     opening up broader horizons for cooperation with correspondent banks around the world,
     supporting the government's goals of
     building a strong, transparent financial sector that is
          consistent with international best practices."

The statement noted that  "this signing is an extension of the government's approach to launching strategic projects that  strengthen Iraq's position as a promising financial center in the region and
    consolidate its image as a country capable of keeping pace with global economic transformations with confidence and competence."
 
In a related development, US Representative Joe Wilson accused the state-owned Rafidain Bank on Friday of conducting financial transactions with the Houthi group in Yemen, threatening to cut off US financial support to Iraq as a result.  

Wilson wrote in a post on his X account that "the Iraqi state-owned Rafidain Bank is conducting financial transactions for the Houthis, a terrorist organization," adding, "We have a name for these countries: state sponsors of terrorism." He continued,
 
"I will work to cut off funding to Iraq during the next appropriations legislation" in the US budget. Wilson also urged the US Treasury to "punish" Rafidain Bank.    https://baghdadtoday.news/280964-.html  

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