The Central Bank has concluded its inaugural quarterly meetings for 2025 in Dubai, held in collaboration with the US Treasury and the US Federal Reserve Bank. This pivotal forum included participation from leading international auditing and consulting firms, namely EY, K2 Integrity, and Oliver Wyman. The agenda primarily focused on the significant reforms undertaken by the Central Bank of Iraq and the Iraqi government aimed at revitalizing the banking sector, with the following key initiatives identified:
1. **Enhancement of the Monetary Distribution System**: The Central Bank has developed an advanced monetary distribution system for the US dollar in Iraq, which is now considered among the most regulated frameworks globally, effectively mitigating the risks of currency manipulation and smuggling.
2. **Improvements in External Transfers**: There has been a noteworthy transformation in the processes governing external transfers. The Central Bank of Iraq has undertaken measures to address the associated risks, elevating these operations to standards comparable to those of international banking institutions.
3. **Consultative Reviews and International Standards**: Leading firms EY and Oliver Wyman have assessed the plans for strategic enhancement and modernization of practices in Iraqi banks, ensuring alignment with advanced international standards. This initiative aims to facilitate greater involvement of Iraqi banks in the global financial network.
Given the dependence of operations by banks operating in Iraq on the trust of global correspondent banks, it is essential to emphasize the importance of relying on official channels for updates. This practice is vital in dispelling misinformation, particularly concerning allegations of international sanctions affecting local banks.
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