A report issued by the American auditing and financial consulting firm Oliver Wyman on Friday confirmed that banking reforms in Iraq usher in a new era of economic growth.
The company stated in its report, which was monitored by the Iraqi News Agency (INA), that “Iraq is entering a new phase of dynamic growth and economic opportunity thanks to comprehensive banking reforms led by the Central Bank of Iraq with government support.”
The report, presented at the Ritter Hotel in Washington, D.C., indicated that “the banking sector reform program launched in April 2025 represents a fundamental shift toward building a more efficient and sustainable banking sector capable of stimulating investment, developing the private sector, and strengthening international financial connectivity.”
The detailed presentation was attended by representatives from the US Treasury Department, the Federal Reserve, and JP Morgan, as well as several regional and international banks.
Oliver Wyman stated that “the commitment of all Iraqi banks to the reform program starting in September 2025 will allow the Central Bank to evaluate their performance during the period 2026–2028 according to modern global financial, regulatory, and technological standards, enhancing trust and transparency and qualifying them to attract international institutional investors.”
Oliver Wyman expects “the size of the Iraqi banking sector to reach more than $60 billion by 2035, with returns ranging between 15 and 20%,” considering that “addressing current challenges such as reputation and governance will make reforms a unique investment opportunity in the Middle East and North Africa region.”
