Baghdad (IraqiNews.com) — Nizar Hussein officially assumed his duties as Governor of the Central Bank of Iraq during a handover ceremony overseen by Prime Minister Ali Al-Zaidi.

Hussein succeeds Ali Mohsen Al-Alaq, who led the institution for several years and has now been appointed the Prime Minister’s Advisor for Economic Affairs.

During the ceremony, Al-Zaidi emphasized the importance of advancing banking reforms, strengthening Iraq’s financial sector and creating a more attractive environment for investment and economic growth.

He also called for greater adoption of international banking standards and continued progress in digital transformation across the banking industry.

Following the handover, Hussein toured the Central Bank’s departments alongside Al-Alaq, stressing the importance of institutional continuity, improving operational efficiency, and maintaining monetary and financial stability.

Al-Zaidi praised Al-Alaq’s efforts during his tenure and underscored the need to continue strategic programs aimed at enhancing institutional performance and supporting financial and banking stability.

The leadership transition comes as Iraq seeks to modernize its banking sector, expand digital financial services, and strengthen confidence in the country’s financial system as part of broader economic reform efforts.