Regulatory Alerts2025-04-17
Added · Updated
Amendments to the Financial Consumer Protection Instructions for the Banking Sector 2025
The Central Bank of Iraq amends the 2024 Financial Consumer Protection Instructions for the Banking Sector, effective upon publication in the Official Gazette. The changes include updating the enforcement date to July 1, 2025, removing the term 'or excess' from the debt burden ratio definition, and clarifying fee collection periods for annual card renewals. Additionally, the amendments incorporate Basel III standards into the definition of Small and Micro Enterprises and establish specific transitional provisions for existing loans and credit facilities granted prior to enforcement.