Latest news with #Rafidain
Shafaq News
07-05-2025
- Business
- Shafaq News
Iraq's digital leap: E-Payments surge for government
Shafaq News/ Rafidain Bank reported a sharp increase in electronic payment settlements for government institutions in early 2025. In a statement on Wednesday, the bank revealed that total settlements reached 2.65 trillion Iraqi dinars (about $2B) in the first four months of the year, up from 772 billion dinars during the same period in 2024, marking a 244% year-on-year growth. This surge, according to the statement, was driven by the expansion of government entities adopting the e-collection system, which grew from 1,395 departments in March 2024 to 1,808 by March 2025, the statement said. April 2025 alone accounted for 654 billion dinars, the highest monthly total to date—more than double the 314 billion dinars posted in April last year. Rafidain noted that the increase reflects rising trust in its digital services and greater efficiency across public-sector transactions. The bank said the performance aligns with national goals to modernize financial infrastructure, enhance revenue collection, and strengthen transparency and governance in public finance.
Iraq Business
08-04-2025
- Business
- Iraq Business
Iraqi PM Launches Ambitious Banking Sector Reform
By John Lee. Prime Minister Mohammed Shia' Al-Sudani addressed the Conference on Reforming the Iraqi Banking Sector on Monday, outlining an ambitious agenda to modernise Iraq's financial infrastructure and promote sustainable economic development. Key initiatives and achievements highlighted in the Prime Minister's address include: Implementation of a three-year national budget, enabling long-term planning and strategic investment in health, education, and infrastructure. Efforts to diversify revenue sources by automating customs with the Automated System for Customs Data (ASYCUDA) system and improving tax systems, resulting in a 128% increase in customs revenues and 22% rise in tax revenues. system and improving tax systems, resulting in a 128% increase in customs revenues and 22% rise in tax revenues. Structural reforms of Rafidain, Rasheed, Industrial, and Agricultural Banks, supported by an international consultancy firm. Enhancement of digital payments infrastructure and partnerships with leading fintech companies, facilitating broader access to financial services. Expansion of financial inclusion, with rates rising from 10% to over 40% in two years-an achievement recognised by the World Bank and IMF. Updated legislation on e-commerce and digital payments and nationwide campaigns to foster a digital payment culture. Continued support for SMEs through financing and resource allocation, contributing to job creation and economic growth. Al-Sudani reaffirmed that banking reform is a central pillar of his government's broader economic reform programme. He confirmed the launch of a comprehensive strategic initiative in collaboration with the Central Bank to align Iraq's banking system with international standards, strengthen global engagement, and attract new partnerships. He concluded by reiterating the government's readiness to support both local and international stakeholders in transforming the banking sector to drive economic progress and financial stability. Full statement from the Media Office of the Prime Minister: Prime Minister Mohammed S. Al-Sudani attended the Conference on Reforming the Iraqi Banking Sector, held today, Monday. His Excellency expressed appreciation for all efforts that contributed to organizing this conference, which presents visions and ideas aimed at developing Iraq's banking sector, promoting sustainable development, and enhancing Iraq's economic standing and its regional and international roles. He also commended the efforts of the Central Bank of Iraq, the banks, and the teams from international and local consulting firms for their ongoing work in strengthening and advancing Iraq's financial and banking sectors. Prime Minister Al-Sudani noted that the government assumed responsibility during a complex economic period, which required decisive actions to achieve stability and ensure growth. He outlined the achievements realized in financial, banking, and economic fields as positive steps toward establishing solid foundations for development and capitalizing on prevailing stability. Key highlights from the Prime Minister's speech include: The government prepared a three-year budget that allocated resources to key sectors such as health, education, and infrastructure. The three-year budget has enabled a long-term financial planning framework to help achieve the strategic and developmental objectives of the state. The government worked to boost revenues by improving the taxation and customs systems and enhancing non-oil revenues, helping reduce dependence on oil exports. Full automation of the customs system is underway through the implementation of the global ASYCUDA platform, developed under the United Nations. Customs revenues increased by approximately 128%, while tax revenues rose by about 22%-both higher than previous years. Ambitious projects have been launched to reform state-owned banks and improve their capacity to deliver financial services to individuals and businesses. Over the past two years, the Cabinet issued several decisions to restructure the Rafidain, Rasheed, Industrial, and Agricultural Banks with the support of a reputable international consultancy. The government enhanced the infrastructure for digital payments and transactions by strengthening protocols and systems to facilitate electronic payments across sectors. Partnerships were established with leading fintech companies to offer innovative digital payment solutions, enhancing the efficiency of the financial system. The financial inclusion rate rose to over 40%, up from just 10% two years ago-an achievement recognized by institutions like the World Bank and the International Monetary Fund. E-commerce and digital payment legislation has been updated. Awareness campaigns have been launched to promote digital payment culture among citizens. Support was extended to small and medium enterprises through financing and resources, resulting in job creation and economic stimulation. The initiatives proposed aim to address current challenges in the banking sector and enhance its international competitiveness. Banking reform forms a vital part of the economic reform pillar in the government program. The government, in cooperation with the Central Bank of Iraq, launched a comprehensive initiative for integrated strategic banking reforms. These reforms aim to align with global developments, open new partnerships, and enhance engagement with the global financial system. The government is fully prepared to support all local and international entities and institutions in efforts to develop the banking sector and promote economic growth and financial stability. Tangible results have already been achieved, with successful expansions and advancements in Iraq's banking industry. (Source: PMO) Tags: Agriculture Bank, Al-Rafidain Bank, Automated System for Customs Data (ASYCUDA), Banking Sector, Central Bank of Iraq (CBI), cg, customs, digital payments, featured, financial reform, fintech, Industrial Bank, International Monetary Fund (IMF), Mohammed S. Al-Sudani, Oliver Wyman, Rafidain Bank, Rasheed Bank, SMEs, World Bank
Iraqi News
06-04-2025
- Business
- Iraqi News
Prime Minister's Advisor Reveals Plan to Merge Rafidain and Rashid Banks
Baghdad-INA Advisor to the Prime Minister and Executive Director of the Reform Management Cell, Amer Al-Adhadh, revealed plans to merge Rafidain and Rashid Banks. While addressing the government's achievements in the field of economic reforms, he explained the contents of the "House of Reform" project and its importance to the investment file. He also outlined the contents of the draft law on public-private partnerships, which aims to enhance the investment environment in Iraq. Al-Adhadh told Al-Shabaka magazine, as reported by the Iraqi News Agency (INA), in his talk about the 'Reform House' project, 'This project is not just a government program, but rather a comprehensive roadmap aimed at achieving sustainable development through interconnected goals, one of which is activating human capital and enhancing national competencies.' He added, "Economic reforms cannot succeed without a legal and regulatory environment that attracts investment, which is what the government is working towards through this project." Regarding cooperation with the World Bank, Al-Adhadh stated, "The World Bank commended the reforms implemented by the Iraqi government, including the "House of Reform" policies that support sustainable development, and cooperation focuses on supporting financial reforms, providing technical advice, and financial assistance to enhance the stability of the Iraqi economy and improve financial governance systems." Al-Adhadh also noted that "the government has made significant progress in preparing the draft law on public-private partnerships, which is an essential part of the government's program. This partnership aims to enhance cooperation between the government and the private sector, particularly in infrastructure, transportation, and energy projects, thus contributing to stimulating the national economy and achieving sustainable development." Regarding the issue of restructuring the banking sector, Al-Adhadh revealed a plan to merge Rafidain and Rashid Banks into a single entity with the aim of improving Iraq's credit rating and increasing international confidence in the banking sector. He noted that an international consulting firm has been commissioned to oversee the merger process, which includes improving financial and administrative performance and developing the digital infrastructure. The Prime Minister's advisor also addressed the issue of economic diversification, stressing that "the government has achieved a significant increase in non-oil revenues, which is an important achievement within the framework of the income diversification strategy." He noted that "the government is focusing on improving tax administration, developing customs duties, and stimulating investment in non-oil sectors such as industry, agriculture, tourism, and technology, to ensure the sustainability of these revenues." Al-Adhadh confirmed that "the economic reforms implemented by the government contribute to strengthening the investment environment and achieving sustainable economic growth, ensuring Iraq has a stronger and more diversified financial future."
