Shafaq News – Washington

Iraq unveiled a new set of banking and economic reforms aimed “to strengthen the country’s financial system and attract foreign investment,” a senior Iraqi official declared on Saturday.

Speaking at the Banking Reform Conference in Washington, Salih Mahoud Salman, adviser to the Iraqi prime minister, outlined that the measures include comprehensive banking reforms developed in collaboration with the Central Bank of Iraq (CBI) and international consulting firms. The reforms also feature the launch of a three-year budget for the first time in Iraq’s history, ‘’intended to provide stable and investment-friendly financial planning.’’

Salman highlighted that the automation of customs operations through the United Nations’ ASYCUDA system has already led to a significant rise in customs and tax revenues, strengthening the government’s fiscal capacity.

In addition, the government has restructured state-owned banks — al-Rafidain, al-Rasheed, Industrial, and Agricultural — to enhance efficiency, while expanding electronic payment systems and raising financial inclusion from less than 10% to over 40% within two years.

Pointing to measures supporting small and medium-sized enterprises, Salman described these steps as a pivotal stage in Iraq’s economic reform journey, underlining that efforts to modernize the banking sector will continue in close cooperation with international institutions.