Shafaq News- Baghdad

Iraq's Central Bank (CBI) approved a broad restructuring of its organizational framework, upgrading its Directorate of Non-Bank Financial Institutions Supervision to a full general directorate as part of efforts to strengthen oversight and improve institutional performance.

According to an official document, the restructuring includes transferring the Operations and Settlements Department from the Information Technology and Payments Directorate to the Accounting Directorate, while policy, regulatory, digital solutions and financial services units will be moved to the newly established Directorate of Non-Bank Financial Institutions Supervision.

The bank also renamed the Information Technology and Payments Directorate as the Information Technology Directorate and abolished its Financial Inclusion and Information Security departments, redistributing their responsibilities among existing directorates and the Risk Management Department.

In addition, CBI dissolved its office responsible for coordinating branch operations, placing its branches in Basra, Mosul, and Erbil under the direct supervision of the deputy governor. It also introduced changes to reporting lines within its quality management and institutional development departments.

The restructuring is scheduled to take effect by July 30, with the Human Resources Directorate tasked with reallocating staff in line with the new organizational structure.