KRG backs Iraq’s central bank banking reform project

Shafaq News- Erbil

Kurdistan Regional Government (KRG) supports the Central Bank of Iraq’s banking sector reform project, the Kurdish Prime Minister Masrour Barzani said on Tuesday.

Speaking at a special dialogue session on the sidelines of the launch ceremony of the E-Psule project, Barzani noted the project’s goal is to serve citizens while facilitating the completion of their transactions, adding that “the services are provided to all citizens without any geographic discrimination.”

The initiatives nearing completion are expected to benefit the public and move Iraq’s economy in a better direction, Barzani said, pointing to the need to develop a digital system, as “economies around the world do not make significant progress when they rely heavily on cash payments.”

In April 2025, the Central Bank launched a private banking reform plan in cooperation with the US-based consulting firm Oliver Wyman. The initiative aims to expand financial inclusion, raise efficiency and productivity in private banks, foster fair competition, and enhance the sector’s resilience against financial shocks.

Read more: Iraqi Banking reform: Between necessary change and crippling conditions