Optimism about opening branches of Rafidain and Rashid Banks in the region: Stimulates the economy and attracts investors - Urgent, 20 FEB

 Optimism about opening branches of Rafidain and Rashid Banks in the region: Stimulates the economy and attracts investors - Urgent

Economic expert Kalala Siddiq commented on Thursday (February 20, 2025) on the importance of opening branches of Rafidain and Rashid banks in Sulaymaniyah and the Kurdistan Region in general, and their economic benefits.

In an interview with Baghdad Today, Sadiq said, "This step will contribute to revitalizing the local economy, and opening branches of these government banks is an important step to revitalize the local economy in Sulaymaniyah. These branches will also provide various financial services to residents and companies, which will contribute to stimulating investments and developing businesses."

She added, "The opening of banks will contribute to facilitating financial transactions, and citizens and companies will be able to conduct their financial transactions more easily and conveniently, without the need to travel to other areas. This includes withdrawing salaries, making money transfers, paying bills, and obtaining loans."

She pointed out that it "will contribute to increasing competition, and will lead to the entry of new banks into the market to increase competition between financial institutions, which may improve the quality of services provided and reduce costs."

It will also provide job opportunities, and the opening of these branches will contribute to providing new job opportunities in Sulaymaniyah, which will help reduce unemployment and improve the standard of living.

She added, "Opening banks contributes to attracting investments, and the presence of branches of government banks can contribute to enhancing confidence in the local economy, which may attract more investments to the region."

Earlier on Wednesday, the representative of the Patriotic Union of Kurdistan, Gharib Ahmed, commented on the visit of the Governor of the Central Bank, Ali Al-Alaq, to ​​the city of Sulaymaniyah.

He said in an interview with Baghdad Today, "This visit is an important and excellent step that came based on the desire of the people of Sulaymaniyah and the Kurdistan Region," explaining in his answer to a question about opening branches of Rafidain and Rashid banks, he replied that "if it happens, it is considered an important step to ensure the disbursement of employees' salaries according to what was stipulated in the Federal Court's decision, and also an important step for other financial transactions that the people of the region want."

Ahmed pointed out that "there is a request to open other branches of Rafidain and Rashid banks in the governorates of the Kurdistan Region, and in independent administrations such as the Raparin Faqi Ranya Administration and the Karmian Administration." 

This comes in the context of the Federal Court’s decision to localize the salaries of Kurdistan Region employees at outlets spread across the region or banks open and licensed by the Central Bank of Iraq.

Ahmed added that "this step will contribute to enhancing financial stability in the region and meeting the needs of citizens in the field of financial services. He also stressed the importance of enhancing cooperation between the Central Bank of Iraq and the Kurdistan Regional Government to achieve these goals."

The Governor of the Central Bank, Ali Al-Alaq, is scheduled to visit the city of Sulaymaniyah to open branches of Rafidain and Rashid in the city, in a move aimed at enhancing financial services in the region and meeting the needs of citizens. link