Baghdad (IraqiNews.com) – As part of a major institutional reform, the Central Bank of Iraq (CBI) upgraded its Directorate of Non-Bank Financial Institutions Supervision to a complete General Directorate. This change intends to increase regulatory control, develop digital solutions, and improve institutional performance in Iraq’s expanding financial industry. The reform entails significant changes to departments, name practices, and reporting structures.
The newly established general directorate will include all important departments in charge of policy, regulatory structures, digital technologies, and financial service operations. The Information Technology and Payments Directorate is now known simply as the Information Technology Directorate. Its old financial inclusion and information security sections have been removed and merged with risk management and other operational directorates.
The CBI closed its office for coordinating branch activities. The major branches in Basra, Mosul, and Erbil will report directly to the bank’s deputy governor. The Human Resources Directorate has directed that all personnel transfers and systemic transitions will be effective by July 30, 2026.
This change corresponds with CBI Governor Nizar Hussein’s increasing regulatory push on financial technology businesses to decrease cash dependency and adhere to international compliance requirements. The post Iraq’s central bank improves non-bank financial oversight appeared first on Iraqi News.
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