The Central Bank of Iraq (CBI) has announced completion of the principal phase of its comprehensive reform programme for commercial, Islamic and foreign bank branches operating in Iraq.According to the Bank, all Iraqi banks have submitted the required documentation under the "minimum requirements" framework, selecting one of three pathways:Continuing in the market as independent banking institutions;Merging with other banking institutions;Exiting the market.The submissions enable the Central Bank to assess each institution's compliance with minimum reform standards. Over the coming months, banks are expected to address any identified gaps and work towards full compliance.The Central Bank also announced a new initiative aimed at expanding the capacity of private banks to support international trade. Banks meeting specified criteria under Central Bank evaluation will be permitted to resume cross-border transactions and issue letters of credit in multiple international currencies, including:Euro;UAE dirham;Chinese yuan;Jordanian dinar.The Bank said the move forms part of its broader strategy to strengthen confidence in Iraq's financial sector, enhance global integration, and support sustainable economic growth. (ICE AMMAN)

Fonte notizia: Stampa Locale