Iraq Adopts New Banking Regulations to Promote Gender Equality
A Landmark Move Towards Women’s Economic Empowerment
BAGHDAD, IRAQ - In a significant step towards promoting women’s economic empowerment in the country, the Central Bank of Iraq has issued a landmark circular prohibiting gender-based discrimination in access to financial services, including credit and loans.
Key Provisions of Circular No. 23/422
- Prohibition of Gender-Based Discrimination: Commercial banks and financial institutions are prohibited from discriminating against individuals based on their gender when providing access to credit and loans.
- Legally Binding: The circular is legally binding and applies to all commercial banks and financial institutions operating in Iraq.
- Implementation Indicators: The bank has announced plans to establish indicators to track the implementation of the circular, which will be published in an official circular upon completion.
Impact on Women’s Participation in the Economy
The new regulations are expected to have a positive impact on women’s participation in the economy, particularly in entrepreneurship and business development. According to estimates, women-owned businesses account for only a small fraction of Iraq’s GDP, highlighting the need for greater support and opportunities for women entrepreneurs.
International Support for the Move
The move by the Central Bank of Iraq has been welcomed by international organizations promoting women’s economic empowerment through policy reforms. Women, Business and the Law, a global initiative that promotes women’s economic empowerment, has expressed its support for the circular.
Ongoing Efforts to Improve the Business Environment in Iraq
The new regulations are part of ongoing efforts to improve the business environment in Iraq and promote economic growth. The Central Bank of Iraq has announced plans to continue working with commercial banks and financial institutions to ensure that the circular is fully implemented.
Contact Information for Further Questions
For questions on this story, please contact:
- Fatima Ahmed, Central Bank of Iraq: Phone: +964 770 123 4567, Email: fahmed@cbi.iq
- Tea Trumbic, Women, Business and the Law, Global Indicators Group – Development Economics, World Bank Group: Tel: +1 (202) 473 -0577, Email: ttrumbic@worldbank.org