PM Barzani reiterates support for private banks in Kurdistan, Iraq
ERBIL (Kurdistan24) – Kurdistan Region Prime Minister Masrour Barzani on Tuesday reiterated his cabinet’s support for private banks in Kurdistan Region and Iraq in a bid to develop financial and economic systems, according to a statement.
Barzani received Ziyad Khalaf Abed Kareem, the International Development Bank’s chairman of the board of directors, in Erbil, where they discussed the economic diversification program the Kurdistan Regional Government (KRG) is undertaking, per a statement from the premier’s office.
The premier and the chief banker discussed “economic development and the KRG banking reform,” the press release said.
The Region is ready for various investments, Barzani told the banker.
Abed Kareem expressed his delight over the "premier’s worldview regarding economic diversification and developing the banking sector", according to the release.
“We reiterated our support for the private banks in Kurdistan Region and Iraq to develop economic and financial systems,” the premier said.
What is the MyAccount initiative?
MyAccount Initiative is the KRG's financial inclusion program which aims to "provide public sector beneficiaries with a safe, and convenient way to access their salaries."
First initially launched as a pilot project, which included 841 employees at Erbil Children and Maternity Hospital, the program aims to digitalize all the payment systems.
The KRG Department of Information Technology (DIT) designed, tested, piloted, and implemented a secure application for onboarding KRG employees into the My Account initiative in line with the Central Bank of Iraq’s Know-Your-Customer (KYC) needs.
In partnership with private banks, the government aims to accelerate the rollout of more ATMS and Point of Sales by the end of next year.
Approximately 175,000 civil servants in the Kurdistan Region have been registered in the My Account Initiative.
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