An official document reveals the Central Bank of Iraq's plan to restructure its departments, which includes upgrading the supervision of non-banking institutions and abolishing divisions, aiming to elevate performance by the end of July 2026.
In a strategic move aimed at developing its organizational structure, the Central Bank of Iraq has issued a package of new administrative decisions that include a comprehensive restructuring of several of its vital departments and divisions, according to an official document reviewed by Shafaq News Agency.
These changes, which are scheduled to be fully implemented before the end of July 2026, come as part of the Central Bank's efforts to elevate the level of institutional performance in a manner that aligns with the nature of its economic and regulatory objectives and functions.
Most Prominent Administrative Changes in the Central Bank's Structure
The official document included a series of amendments that involved upgrading administrative levels, transferring tasks, and abolishing divisions, which are as follows:
1. Upgrading Department Levels and Changing Designations
Supervision of Non-Banking Institutions: It was decided to upgrade the "Directorate of Supervision of Non-Banking Financial Institutions" to become a general department under the name "Department of Supervision of Non-Banking Financial Institutions".
Information Technology: The name of the "Information Technology and Payments Department" was changed to be limited to the "Information Technology Department".
2. Transferring Divisions and Detaching Affiliations
Transferring the Operations and Settlements Division to the "Accounting Department".
Transferring both the Policies and Regulation Division and the Digital Financial Solutions and Services Division to the "Department of Supervision of Non-Banking Financial Institutions".
Detaching the affiliation of the Total Quality Management and Institutional Development Division from the Governor and linking it directly to the "Deputy Governor," along with transferring the "Institutional Identity Section" and linking it to this division.
3. Abolishing Divisions and Redistributing Tasks
Abolishing the Financial Inclusion Division: Tasking the directors of the following departments (Banking Supervision, Accounting, Statistics and Research, and Supervision of Non-Banking Financial Institutions) to coordinate and divide the tasks of the abolished division among themselves.
Abolishing the Information Security Division: Transferring its tasks to merge with the "Risk Management Division," while emphasizing the need to review the tasks in coordination with the Information Technology Department.
Abolishing the Branch Affairs Follow-up Office: It was decided to abolish the office responsible for the follow-up and coordination of the Central Bank's branches, making the bank's branches in (Basra, Mosul, and Erbil) report directly to the "Deputy Governor".
