Iraq's Central Bank advances Digital Payment Transformation
Central Bank of Iraq (CBI) Governor, Ali Mohsen Al-Alaq, has outlined the Bank's progress in developing a secure and integrated electronic payment system, in line with international standards and best practices.
Speaking at the Comprehensive Transformation to Electronic Payment Conference in Baghdad, he said the systems have improved the efficiency and reliability of financial operations and supported strategic initiatives in partnership with the government, including salary localisation, electronic security, and development financing programmes.
Al-Alaq described digital transformation as a strategic choice for building a modern state, diversifying the economy, and delivering transparent public services. He said Iraq has a historic opportunity to create an investment-friendly economy capable of tackling challenges and combating corruption.
Key CBI initiatives include:
The instant payment system, enabling 24/7 money transfers and easier user experience.
The unified government payment gateway, reducing manipulation and increasing trust.
The national card scheme, ensuring digital sovereignty, reducing reliance on foreign systems, and offering products tailored to the local market.
The development of the national switch to support higher transaction volumes with speed, stability, and security.
The Bank is also conducting an in-depth study on regulating transactions in crypto-assets, addressing risks and opportunities while meeting financial stability, anti-fraud, anti-money laundering, and counter-terrorism financing requirements.
The Governor called on the media and educational institutions to launch awareness programmes on the benefits of electronic payments and the risks of informal transactions, emphasising the need for cooperation among government agencies, the banking sector, technology firms, and civil society to build public trust.
(Source: CBI)
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Iraq Business
20 hours ago
- Iraq Business
Jameel Motors Appointed Distributor for OMODA & JAECOO in Iraq
By John Lee. Jameel Motors has signed an agreement with China's Chery Group to distribute the OMODA & JAECOO vehicle brand in Iraq, marking a first market entry for both companies. According to a press release, the distribution rights were secured through a competitive process involving local and international firms. It adds that Iraq's automotive sector, which represents 8 to 10 percent of national imports, is seeing rising demand for New Energy Vehicles (NEVs), particularly among young, tech-savvy consumers. Jameel Motors plans to launch sales of the OMODA C5 and C7, and the JAECOO J5, J7, and J8 models in Q4 2025. Jameel Motors Iraq will be led by Kamal Sultan, an industry veteran with over a decade's experience in the Iraqi market, including senior roles at Toyota Iraq, Nissan Iraq, and several other automotive brands. The partnership aims to expand mobility options, create local jobs, and introduce Chery's intelligent manufacturing standards to Iraq. (Source: Jameel Motors)
Iraq Business
20 hours ago
- Iraq Business
Edita Food Industries expedites entry into Iraqi Market
By John Lee. Egypt's Edita Food Industries has established of a UAE-based holding company, Edita Investments Holding LTD, which has invested IQD 960.7 million [USD 730,000] in Ahramat Al-Nile for General Trading and Food Industries Limited -- formerly Tuma Jebur Abbas (TJA) -- in Iraq, via a capital increase. Operations in Iraq are expected to begin by the end of 2025, following a partnership agreement signed with TJA in January 2025. Edita has relocated one of its Bakery lines to Baghdad to expedite entry into the Iraqi market. The company says the move is part of its expansion plan, "tapping Iraq's fast-growing market while capitalizing on its established presence in the core cake and bakery segments." (Source: Edita Food Industries)
Iraqi News
2 days ago
- Iraqi News
Iraq reports decline in domestic debt, public spending
Baghdad ( – The Central Bank of Iraq (CBI) announced on Monday a decline in public spending and domestic debt during May 2025. According to data released by the CBI, Iraq's public spending totaled 9.35 trillion Iraqi dinars ($7.13 billion) in May, a 1.48 percent decline compared to 9.49 trillion Iraqi dinars ($7.24 billion) in April. The country's public spending also declined compared to May 2024, when it reached 10.68 trillion Iraqi dinars ($8.15 billion), according to the CBI. Iraq's domestic debt in May was 85.50 trillion Iraqi dinars ($65.26 billion), dropping 0.05 percent from 85.54 trillion Iraqi dinars ($65.29 billion) in April and up 8.56 percent from the same month in 2024, when it was 78.18 trillion Iraqi dinars ($59.65 billion). The financial advisor to the Iraqi Prime Minister, Mazhar Salih, revealed in September that Iraq's foreign debts are less than $10 billion. Iraq's foreign debts, which include both sovereign and foreign private sector obligations, originate from the Paris Club agreement settlements and date back to before 1990, adding that these debts must be paid by 2028. In 2004, the Paris Club declared that it had achieved a deal to cut the $120 billion debt owed by Iraq by 80 percent over three years. Salih confirmed last year that Iraq has paid all the loans it has taken from the International Monetary Fund (IMF) since 2003, a total of just under $8 billion. Between 2003 and 2021, Iraq obtained several financing programs from the IMF, including emergency loans and long-term financial assistance, aiming to support the country's macroeconomic stability and financial reforms. In 2016, the IMF approved a financial program worth $5.34 billion to support economic reforms in Iraq. Within five years, Iraq paid out the loan in full after obtaining two-thirds of the total. Iraq sought a $6 billion emergency loan from the IMF in 2021; however, the loan was not granted because, at the time, it hadn't been linked to any of the IMF's initiatives. Iraq's engagement with the IMF was intended to assist in addressing the economic issues brought on by the decline in oil prices, which were connected to fluctuations in the balance of payments, as well as to promote government reforms.
