Iraq’s Financial Revolution: A Journey Towards Digitalization and Growth, 22 OCT
In the heart of the Middle East, far removed from the clamor of the foreign media, a quiet revolution is stirring. Iraq, a nation often portrayed as a turbulent hotbed of conflict, is now spearheading a transformative shift in its financial sector, seeking to usher in an era of digitalization and economic growth. This narrative isn’t forged in the crucible of sensational headlines, but it’s a story worth telling, for it signifies Iraq’s relentless drive towards stability and prosperity.
Steering the Winds of Change
The Prime Minister of Iraq, Muhammad Shaaa Al-Sudani, recently led a crucial meeting focusing on the unified treasury account and the electronic payment system – two pillars that could potentially redefine the nation’s financial landscape. Al-Sudani emphasized the pressing need to activate the work and responsibilities of the Payments Council at the Central Bank. This is more than a bureaucratic directive; it’s an urgent call to modernize Iraq’s banking sector, a critical step towards a broader economic transformation.
The Prime Minister also insisted on receiving a final report on the progress made, reflecting a demand for accountability and transparency. His directive to all ministries to implement the fourth paragraph of the Cabinet Resolution (3581 of 2023), and to accelerate the formation of committees, underscores the urgency of the task at hand.
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Al-Sudani’s call for an analysis of the non-moving bank accounts for each ministry within a month is a testament to the government’s resolve to tackle financial stagnation and inject momentum into the economy. It forms part of the larger effort to make the financial system more responsive and agile, aligning it with the changing dynamics of the global economic order.
Building a Digital Economy
At the first banking conference of the Central Bank of Iraq held in Erbil, the shift towards a digital economy was front and center. The conference, graced by the Prime Minister of the Kurdistan Regional Government, Masrour Barzani, the Second Deputy Speaker of the House of Representatives, Shakhwan Abdullah, and various political, economic, and business figures, showcased Iraq’s commitment to banking sector growth and international collaboration.
The Governor of the Central Bank, Ali Al Alaq, highlighted the risks associated with a cash-based economy, such as financial crimes and illicit practices. He painted a vision of a digital economy, where technology serves as a catalyst for growth and transparency. Al Alaq emphasized the importance of maintaining the stability of the exchange rate and prioritizing the infrastructure of financial systems and business rules.
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The Governor also underscored the importance of compliance with anti-money laundering and terrorism financing laws, demonstrating Iraq’s commitment to international norms and standards. These efforts aim to ensure the transparency and safety of financial operations and make Iraq a more attractive destination for international investments.
Moving Towards a Sustainable Future
The developments in Iraq’s banking sector are not isolated events but part of a larger narrative of progress and modernization. The country is taking significant strides towards building a stable, safe, and effective financial system, which is vital for attracting investment, promoting economic growth, and improving the overall quality of life for its citizens.
From the Prime Minister’s directives to the Central Bank’s initiatives, Iraq’s commitment to transforming its financial infrastructure is clear. Amid the challenges and complexities, the nation is charting a course towards a future defined not by conflict and crises, but by stability, growth, and digital empowerment. This is the untold story of Iraq – a story of resilience, ambition, and an unwavering resolve to secure a prosperous future for its people.
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