KRG civil servants required to open bank accounts by March 2025 under MyAccount initiative, 7 OCT

  The official seal of Central Bank of Iraq. (Photo: Designed by Kurdistan24)

KurdistanCentral Bank of IraqMyAccount initiative

ERBIL (Kurdistan24) – The Central Bank of Iraq announced on Sunday that all civil servants in the Kurdistan Region must open a bank account as part of an agreement between the Kurdistan Regional Government (KRG) and the Iraqi federal government. According to the agreement, civil servants who fail to open a bank account by March 2025 and are not registered under the MyAccount initiative will not receive their salaries.

A source at the Central Bank of Iraq told Kurdistan24 on Sunday that the MyAccount initiative is similar to Iraq’s Tawtin project, which is in line with the US Federal Reserve System’s requirements. Both initiatives aim to ensure that all civil servants across Iraq and the Kurdistan Region have personal bank accounts, a move aimed at reorganizing the financial and banking sector in the country.

The initiative has already begun to be implemented. In August, 132,000 civil servants in the Kurdistan Region were scheduled to receive their salaries through the MyAccount initiative. Of these, 40,000 civil servants were paid on Sunday, 46,000 on Monday, and another 46,000 on Tuesday.

The MyAccount initiative marks a significant shift towards modernizing Iraq’s financial infrastructure and promoting transparency in public sector payroll systems.

The Department of Information Technology (DIT) developed and implemented a secure application for onboarding civil servants in compliance with the Central Bank of Iraq’s Know-Your-Customer (KYC) requirements, according to a press release shared with Kurdistan24.

Eight banks have joined the program, including BBAC, Cihan Bank, RT Bank, Bank of Baghdad, Iraqi Islamic Bank, National Bank of Iraq, Trade Bank of Iraq, and the International Development Bank.

Designed to offer civil servants a safe and convenient way to access their salaries, the MyAccount initiative underscores the KRG’s commitment to improving financial services for public sector workers.

kurdistan24.net

RECAP : WOLVERINE LIVE CHAT, 7 OCT

 WOLVERINE LIVE CHAT 10/01/2024

Not much info coming through. All is quiet – a good sign. I am having this chat to bring you hope about what is going on behind the scenes.  It is just that I cannot tell you too much.   The first of October things were to start rocking, and it is. The banks are ready to start the process. I have heard from different sources that some people have already gone to the bank. We do not know if they got paid and if they did, they will not say anything. A lot of people are under NDA and have been told to be quiet.  

I had a phone call from Reno,  and they told me the same thing, and that things are happening, but they cannot say much as they have been told to lay low. I have also spoken with Mauricio, and he has been told to stay low and “zip it right now”. 

That is all I can tell you. Keep your faith. The private contractors are getting ready, and have been paid , and have seen money in their bank accounts, but waiting for those funds to be released.   

Notifications should be coming out today. We have till midnight Reno time for those notifications to come through. Today will not be a payday, but actually the end of the global reserve system and the beginning of the new banking system, and asset baked currency, as that is what I have been told.  We may actually be waiting for that to happen. 

Not much more all are told to be quiet. A lot under NDA.  First of October looks like things are moving.   

 

My health, the results have come out, only a slight amount of growth on the tumor, no growth right side of the brain. 

I am relieved as I thought there was more growth. It is a miracle, my ears popped a few weeks ago, the specialist will do a pilot experiment, and see if they can blow vibrations throughout the hearing tube, and I will be happy to get back just 1 to 2 percent of my hearing.

 I have been going to the hospital once a month for protocols to stop the growth, and who knows, may shrink the tumor.  I am waiting for those  Medbeds to come through. I have spoken to the people in charge of the Medbeds in Brazil, everyone says they are real.

 There is a clinic in Colombia, a Quantum Clinic – one of my contacts said the Medbeds are in there. I am praying that all this that we are waiting for is real so all people can be cured.  Let’s see what Bruce says.  This time he will hopefully nail it.    

P.S. The Pentecostal is going ahead with the event on the 4th. The owner is going to make the time to get this right as it is a very difficult task for her to accomplish. She does not trust anyone and is doing this on her own. She is making sure all the T’s are crossed, and if anything does get delayed, the event would be pushed to the next day, but it does look like things are happening on the 4th. Alot people are actually now traveling to Bogota for the event the Pentecostal leader is having. Another leader is having another event as well on another day. Also, the Precatorias, as well, is waiting to get the green light, and hoping it is today, and I will let you know.  Take care and God Bless, Wolverine (Transcribed by Carpathia) 

THEY TOLD US THAT WILL LIFT THE THREE ZEROS FROM THE DINAR BY FRANK26 @...

PM Masrour Barzani, Central Bank of Iraq Governor discuss 'MyAccount', banking reforms, 7 OCT

 ERBIL (Kurdistan 24) – On Monday, Kurdistan Region Prime Minister Masrour Barzani met with Ali Mohsen al-Alaq, the Governor of the Central Bank of Iraq, in Erbil.

The meeting focused on the progress of the Kurdistan Region's banking reforms and the "MyAccount" project, a key initiative aimed at digitizing salary payments for public sector employees.

Prime Minister Barzani highlighted the significant strides made in banking reforms and noted that over half a million public sector employees have already registered for the "MyAccount" project. He also shared that, starting next month, salaries for 200,000 individuals will be disbursed through this digital platform.

Both parties emphasized the importance of continued collaboration on the "MyAccount" project, with the Central Bank providing crucial support and oversight.

Prime Minister Barzani expressed his gratitude to Governor al-Alaq for his strong backing of both the "MyAccount" initiative and the broader banking reforms in the Kurdistan Region.

The discussions also touched upon the growing interest from local and international financial institutions in partnering with the KRG on its financial strategy.

RV UPDATE BY MILITIAMAN, 7 OCT

 Militia Man 

 World Bank Article: "Iraq has made progress in improving their business environment making it globally competitive" 

 The World Bank is telling you, the world, Iraq is globally competitive so they're going to have to be Article VIII, Article XIV compliant with the IMF's concerns when it comes to their exchange rate.   Is this a precursor to a move?  It sounds like it. 

Everybody should be going, 'come on Iraq!  Come on World Bank!  Come on Bank of International Settlements, IMF, US Treasury, US Federal Reserve!' 

 All those players have been involved and they still are...They are not going to have a 1310 exchange rate.  They're going to move to a Real Effective Exchange Rate based on fundamentals based off their non-oil products, non-oil revenues that will exceed in may cases oil output.

IRAQ BOOTS ON THE GROUND REPORT : THE RV MAYBE BY THE END OF THIS YEAR...

Region on the Verge of Chaos: Iraqi PM Warns Biden, 7 OCT

 ERBIL — Iraqi Prime Minister Mohammed Shia' al-Sudani has warned US President Joe Biden about the risks of the regional situation spiraling out of control, both militarily and in terms of security.

On Sunday, Iraqi official media released a letter in which al-Sudani addressed President Biden as well as the European Union, warning them that the situation in the region could escalate.

"Our region is on the verge of a dangerous slide that could plunge the world into continuous war," al-Sudani stated in his letter to Biden and the European Union.

"Following October 7 and the continued Zionist hostilities in Gaza and then in Lebanon, Iraq has expressed its stance on Israeli attacks, which endanger the region and escalate the conflict, leading to crime. The international community cannot shirk its responsibility in stopping these massacres," added the Iraqi Prime Minister.

"We send a message to our allies, especially the United States and the European Union, that the region is on the brink of a deep crisis that could lead to widespread war and global economic collapse. It is crucial for all of us to work together to prevent this danger," al-Sudani warned.

The Prime Minister's letter comes as the Israeli army has launched air and ground attacks into southern Lebanon to confront Hezbollah fighters, while threatening groups attacking Israel from the region, including from Iraq.