[You must be registered and logged in to see this image.]
Salaries of retirees to banks
One million employees in “My Account” and merchants will not carry cash next year.. Prime Minister of Kurdistan
12:05
This came during his attendance at the annual Iraqi banking conference in the region, in the presence of the Governor of the Central Bank, Ali Al-Alaq, a number of directors of banks in Iraq, the region, and Arab countries, and a number of officials.
Salaries of retirees to banks
One million employees in “My Account” and merchants will not carry cash next year.. Prime Minister of Kurdistan
12:05
Erbil – 964
The Prime Minister of Kurdistan, Masrour Barzani, said on Saturday that financial transactions in the region will become electronic within two years, while he confirmed that by the end of next year, one million employees will be in the “My Account” project.[You must be registered and logged in to see this link.]
This came during his attendance at the annual Iraqi banking conference in the region, in the presence of the Governor of the Central Bank, Ali Al-Alaq, a number of directors of banks in Iraq, the region, and Arab countries, and a number of officials.
A statement by the regional government, a copy of which was received by 964 Network:
In the presence of the Prime Minister of the Kurdistan Regional Government, Masrour Barzani, the annual Iraqi Banking Conference was held today, Saturday, October 21, 2023, in the Kurdistan Region.
The conference was launched in the presence of the Governor of the Central Bank of Iraq, Ali Al-Alaq, a number of bank directors in Iraq, the Kurdistan Region, Arab countries, and officials in the federal and regional governments.
The Prime Minister delivered a speech during the conference in which he highlighted the importance of strengthening the banking system. He also spoke about the plans of the ninth ministerial formation to establish a strong banking structure. He also stressed the need to enhance banking coordination and cooperation between the Kurdistan Region and the federal government, in addition to other important topics.
Below is the text of the speech:
In the name of God, the most gracious, the most merciful
Gentlemen and guests
I welcome you with the warmest welcome.
I am pleased to participate with you in this important conference dedicated to dialogue on the banking system and the development of banking services, especially private banks.
I welcome all distinguished guests, and in particular, His Excellency Mr. Ali Al-Alaq, Governor of the Central Bank of Iraq.
I commend the organizers of this conference for choosing a very important topic for the purpose of discussion and dialogue, especially with regard to the current situation in Iraq and the Kurdistan Region. Reforming, organizing and activating the banking sector is an urgent necessity in order to achieve economic development.
Since the duties of this ministerial formation began in the regional government, we have realized the importance of having a strong, active and efficient banking system, so we are working to reform the banking system and establish a modern and solid infrastructure and foundation for the economy of our region.
Here I would like to talk with you about some of our plans to reform the banking sector in the Kurdistan Region.
Starting next year, Kurdistan Region retirees will no longer have to wait in lines for long hours in the heat of summer and cold of winter. Rather, their money will be deposited in their bank accounts on a specific day.
Merchants will also not have to carry large sums of money with them, but will be able to monitor their bank accounts and complete financial services via the Internet. Also, those looking for small loans for various purposes will also find the process easier. As for citizens who wish to send remittances to their relatives, relatives, and families inside or outside the country, they will avoid transferring money through financial transfer companies.
By the end of this year, thousands of public sector employees will be registered within the (My Account) project, and bank accounts will be opened for them in private banks to receive their salaries from, and this process will accelerate next year.
We are determined that, by the end of next year, one million salary recipients will have their own bank accounts. We are working to accelerate the pace of this program, and we have prepared everything necessary in this regard.
During many years within the government, there was a discussion about who should take the lead, us or the banks? And in this government, we decided to take this initiative upon ourselves. Through this work, we will contribute to establishing a sound banking system.
We have decided to support the banks' expansion plan, through the following program:
After public sector employees have bank accounts, private sector employees must follow in their footsteps... This will make banking services available to thousands of individuals in Kurdistan.
We also encourage banks to expand their office presence throughout Kurdistan, and within two years the area of automated teller machine (ATM) networks will expand tenfold. We are also working to provide electronic payment devices in most Kurdistan markets and stores.
We must acknowledge that to date, public sector banks have not been able to meet the needs of our citizens. Without a doubt, reliance on cash has limited our economic growth and opened the door to counterfeiting and money laundering. This must change. Also, we will provide any possible assistance to private banks, so that they can improve and accelerate their services.
Our goal is to create healthy competition between banks in the Kurdistan Region, and citizens have the freedom to choose their bank based on the quality, development and speed of banking services provided. We have now selected five private banks in the (My Account) project. I hope that other banks will join this project in the future.
The selection of these banks includes clear criteria that were coordinated with the Central Bank of Iraq. For example: These banks have branches in multiple regions, provide their services digitally through mobile phones and advanced technology, own a network of automated teller machines (ATM), and provide digital financial services.
I would like to thank the banks for their continued support of our projects and programs, and I invite them to continue investing in their banking products and services.
Our citizens will see rapid changes in their lives in the future. For example, in the method of payment, and purchasing food and fuel, so that they can easily use bank cards and their services when traveling abroad with peace of mind. Business owners can also benefit from e-commerce opportunities and transfer money for trade purposes. The government will also see changes in payment and revenue collection processes. Simply put, we work so that our citizens and business owners can access financial services, anywhere and anytime.
We must have our peasants' and farmers' money deposited directly into their bank accounts when they sell their wheat and grains to the federal government, instead of having to stand in queues in front of government departments to receive their dues, as is the case now. I hope we will see these changes soon.
I am confident that our banking partners today will become the largest private banks in the country within the next five years.
Here, I would like to express my thanks and appreciation to all parties and gentlemen for the help and support they have provided us in this vital mission. In particular, I would like to thank Mr. Ali Al-Alaq, Governor of the Central Bank, and his team for their assistance and support. Under the guidance and support of the Federal Prime Minister, Mr. Muhammad Shiaa Al-Sudani, they continue to coordinate with us and assist us in the areas of implementing banking reforms and treasury management. Thank you for your support and support.
We will continue to coordinate and cooperate with the federal government in combating money laundering and working to stabilize the Iraqi dinar. On this issue, I am pleased with the progress we have made this year in combating money laundering and terrorist financing. There is more work to be done, and we will do our best to do so.
Gentlemen:
In developed societies and countries, having a developed and effective banking system is one of the basic requirements for people's daily lives. At the same time, the strong modern banking system is considered an effective support and aid to economic prosperity, as it provides financial services and many facilities to business owners and investors.
We can even say that the strength of the banking system in any country or society constitutes a basic principle and condition for economic strength, because the presence of a strong and effective banking system provides a favorable environment for economic and commercial growth.
Banks can play a major role in the economic recovery of any country, because banks regulate the economy of any country, and they are the basic pillar of the economic movement in the country.
There is no doubt that one of the main problems and obstacles that prevent the existence of a strong and advanced banking system in Iraq and the Kurdistan Region is the lack of people’s confidence in banks, and this is due to many reasons, most notably the instability of the political and economic situation in the country, and the widespread spread of corruption. Which made citizens lose confidence in banks and financial institutions.
But we in the Kurdistan Regional Government will provide the banks with all necessary cooperation and assistance, so that we can build trust between banks and citizens, by ensuring that people’s capital and wealth are protected by the banks. Banks must also expand their services. This means that with cooperation and coordination between the government, banks, and citizens, we can rebuild the required confidence in banks.
As a result of political instability, wars, and lack of security in recent years, Iraq and the Kurdistan Region need a broad process of reconstruction and building economic infrastructure in all sectors. Accordingly, the presence of an active and developed system represents a major and helpful factor through which we can continue the process of reform, construction and reconstruction.
The steps taken by Mr. Muhammad Shiaa Al-Sudani, the federal government, and us in the Kurdistan Region are very promising, and we can see great economic progress in the near future with cooperation and mutual support.
[color:fcf0=rgba(0, 0, 0, 0)]Once again, I applaud you for holding this conference, and I hope that it will produce constructive results and recommendations that contribute to the advancement of the banking sector and the economic situation in general.
[You must be registered and logged in to see this link.]
» The Federal Court responds to an inquiry by Al-Sudani regarding the powers of the provincial council
» Among them are the Iraqis... a list of the most sought-after immigrants to America
» An expert talks about the "biggest barrier" and the positives of merging Iraqi and Arab banks
» The House of Representatives adjourns its session
» Parliamentary demands to expedite the legislation of the Eid al-Ghadir holiday law (documents)
» Parliament adds the paragraph “Electing the Speaker of the House of Representatives” to its agenda
» Alsumaria publishes the text of the law against prostitution and homosexuality
» A parliamentarian reveals the reason for the failure of the Speaker of Parliament to pass during tod
» utube MM&C 4/24/24 Support - USA- Turkey - Timing- Currency Value - Tabled
» utube MM&C 4/26/24 Iraqi Dinar - US Treasury Exchange Rates- Focus - Banking Partnerships - Rate C
» Al-Sudani: The government has launched many strategies and initiatives that will improve the reality
» International Business: Iraq has made progress in supporting businesses through investment and priva
» Association of Banks: Iraq is witnessing great development in the transition to electronic governmen
» The House of Representatives votes to add an item to its agenda (election of the Speaker of the Hous
» Parliamentary integrity: Combating corruption requires parliamentary legislation
» Al-Karaawi: America is trying to restrict Iraq
» The State of Law coalition moves to form the local government in Diyala
» The Sudanese and his battle against corruption.. Where is the fault with the government or with the
» Prime Minister's Advisor: We will see the dollar fall on the black market soon
» The Sunni blocs are resolute. The presidency of the Council is ours, away from Al-Halbousi
» Al-Sudani discusses with a workers’ organization his government’s steps in this field
» Parliament holds its session in the presence of 170 deputies
» In the presence of Nechirvan Barzani and Al-Sudani... the State Administration Coalition holds an “i
» The UAE company ADNOC resorts to Iraqi oil. Find out the reasons
» The Iraqi Parliament votes to add an item to elect a president to its agenda
» The Federal Court responds to an inquiry by Al-Sudani regarding the powers of the provincial council
» Al-Sudani: It is necessary to attract women to work as a productive energy that cannot be disrupted
» Zebari regarding targeting the Kormor field: a systematic attack on the economy of Kurdistan
» Saudi Arabia tops, and this is Iraq's rank... a list of major suppliers of crude oil to South Korea
» With a value of 125 million dollars.. Iraq is at the forefront of countries importing Iranian textil
» More than a billion dollars in sales from the Iraqi Central Bank within a week
» Al-Sudani stresses the need for the expertise of the International Labor Organization to legislate a
» Including the return of 21 wanted persons.. The Iraq Money Recovery Fund counts its achievements in
» The path to development is the criterion between true patriotism and political clowning.
» The file of the Presidency of Parliament is on the state administration table... this evening
» Director General of the International Labor Organization: Many challenges in the world of work and t
» Al-Sudani: The world is witnessing crises that reflect negatively on the Arab and international peop
» Prime Minister: Our government has provided great support for the success of the activities, program
» Al-Asadi: Iraq places the social protection file among its priorities
» Al-Sudani: Iraq is one of the first countries in the region to join the International Labor Organiza
» In the presence of Al-Sudani and Barzani, the State Administration Coalition holds an “important” me
» Appreciating the presence of Al-Sudani... Director General of the Arab Labor Organization: Here from
» Prime Minister: Our government has provided great support for the success of the activities, program
» Al-Sudani: The world is witnessing crises that reflect negatively on the Arab and international peop
» The Parliamentary Development Institute organizes a workshop on the political role of the representa
» With Arab and international participation. Tomorrow will be the start of the Fourth Baghdad Internat
» OPEC Secretary General: The end of oil is not on the horizon
» Closing a number of unlicensed offices and companies south of Baghdad
» Repercussions of the bombing...intensive government movements to resume work in the “Kormor” field
» In the presence of Al-Sudani...the opening of the Arab Labor Conference in its 50th session in Baghd
» Al-Sudani: We are working on drawing future visions regarding the “green and digital” economic secto
» Barzani after the Kormor attack: We are ready to coordinate with Baghdad to put an end to these atta
» Al-Sudani directs the formation of an investigative committee into the circumstances of the Kormo fi
» Bismayah is confused about the new electronic portal.. What about the landlord and the subcontracts?
» Kurdistan Government: Loss of 2,500 megawatts of electricity due to targeting the Kormor field
» Crisis in Kurdistan: 12-hour daily power outage and complaints of “confusion”
» The Supreme Anti-Corruption Commission demands Nineveh for the contracts concluded by “Najm Al-Jubou
» Al-Khanjar, Al-Samarrai, and Abu Mazen are hosted by Shaalan Al-Karim to discuss accelerating the se
» Iraq asks the countries of the world to respond to its requests to extradite wanted persons: We have
» “It is coming soon.” The Sudanese advisor sets the date for the referral of the Baghdad metro and th
» Al-Mubarqa: Iraq reserves its full right to respond to the Australian behavior
» Dollar exchange rates on Iraqi stock exchanges... recorded a decline, and this is the list
» Mr. Al-Sadr supports the position of American university students
» Iraqis are ranked 7th in the Arab world on the list of those most seeking immigration to America. He
» Soon.. 3 new hospitals will open in Baghdad
» Sponsored by Al-Sudani...the opening of the Arab Labor Conference in its fiftieth session in Baghdad
» Al-Shammari chairs a meeting at the controlling headquarters to review the results of the security o
» Arab Labor Organization: We commend Iraq's interest in the Arab Labor Conference
» Al-Sudani: The development road project will provide many job opportunities
» Sudanese advisor criticizes Kuwaiti analyzes regarding the development road project
» Al-Mandalawi stresses the need to strengthen economic and trade cooperation between Iraq and Poland
» Power maneuvers: America provides defensive weapons to Kurdistan in exchange for withholding from Ba
» Kuwait is drilling an oil well near Umm Qasr, towards Iraqi territory
» In the document... the first Iraqi ministry identifies the obstacles to changing the new official wo
» Italian Institute: Iraq is stuck in its own crises, including Baghdad’s efforts to undermine the “au
» The head of the Integrity Commission announces the holding of an international Interpol conference i
» Planning: Iraqi companies are not efficient in conducting the population census
» MM&C 4/25/24 National Bank of Iraq goes live with Temenos core banking and payments
» A banking official indicates a "danger" to Iraq by depriving more than half of its banks of dollars
» With the participation of the Association of Private Banks, investment opportunities are on the tabl
» Within a month... an Iranian border crossing recorded a noticeable increase in exports of goods to I
» The Association of Private Banks appreciates the efforts of the government and the Central Bank to c
» Al-Maliki's coalition presents a third candidate for the position of governor of Diyala
» Arab gathering: The Kirkuk problem is getting complicated and the Sudanese must intervene
» Next week.. a Kurdish delegation will visit Baghdad to meet with the Minister of Finance
» Under the pretext of salaries... Al-Party refrains from handing over port revenues to Baghdad
» Association of Banks: For the first time, we are witnessing a clear targeting of depriving half of t
» Parliament does not know the reason for the delay in sending the 2024 budget schedules: Voting takes
» Applicants for the 2024 Hajj are demanding that the Central Bank secure the dollar for them through
» Governmental and private banks will showcase their services tomorrow during Financial Inclusion Week
» Iraq's oil exports rise despite OPEC+ cuts
» A study explodes a "surprise"... Iraq is among the countries that export oil to "Israel": How is the
» Al-Araji emphasizes working to strengthen national identity
» Al-Sudani visits Saudi Arabia to participate in the World Economic Forum in Riyadh
» Iraq is talking about producing one million additional liters of gasoline
» The Council of Ministers approves the implementation of the Baghdad Metro project
» Minister of Commerce: We formed a joint economic committee with Türkiye
» Resources: Government measures have contributed to improving the water situation in Iraq