‘MyAccount’ team welcomes Iraqi PM’s banking decision, plans to add three private banks
KurdistanMyAccountKurdistan Region Banking SystemIraqi PMMohammed Shia al-Sudani
Nov. 19, 2024
ERBIL (Kurdistan24) – The ‘My Account’ project team welcomed Iraqi Prime Minister Mohammed Shia al-Sudani’s decision to support private banks in salary banking initiatives, announcing plans to integrate three additional private banks into the system.
In a statement to Kurdistan24 on Tuesday, the project team emphasized that the Iraqi Prime Minister’s decision “serves the interests of all citizens and paves the way for complete economic growth in Iraq and the Kurdistan Region.”
The team confirmed they are operating in accordance with Central Bank regulations and the Federal Court’s latest clarifications, noting that “all Central Bank-authorized banks, whether government or private, undergo continuous auditing and maintain connections with other international banks, enabling them to generate economic growth.”
Following this development, the team announced plans to expedite the integration of three additional private banks into the project, alongside existing government and private banking partners, to enhance service delivery to citizens.
The team urged salary recipients to complete their banking forms through the ‘My Account’ system before year-end, citing alignment with the Federal Court’s July 2024 clarification.
The ‘My Account’ project represents a significant step in Iraq’s banking modernization efforts, aimed at transitioning government salary payments from cash to electronic banking systems. This initiative is part of broader economic reforms to modernize Iraq’s financial infrastructure and reduce cash-based transactions.
The addition of new private banks to the system reflects growing confidence in the private banking sector and efforts to expand banking services across Iraq and the Kurdistan Region. The project aligns with international banking standards and aims to increase financial inclusion while reducing administrative costs associated with cash salary distributions.
