Central Bank Governor: Electronic payment system is essential to boosting the Iraqi economy
Central Bank Governor: Electronic payment system is essential to boosting the Iraqi economy
2026-02-10 00:32
Shafaq News – Erbil
The Governor of the Central Bank of Iraq, Ali Al-Alaq, stated on Tuesday that developing the electronic payment system and digital transformation is necessary to strengthen the country’s economy, expressing his readiness to cooperate and coordinate with the Kurdistan Region to establish a unified and secure electronic payment system that includes all regions and cities of Iraq.
Al-Alaq said in a speech during the launch of the Kurdistan Regional Government’s electronic services project that this system serves Iraq in general and the Kurdistan Region in particular, adding, “Everyone has realized that excessive reliance on cash is no longer in line with the requirements of the modern economy, and that building a sophisticated financial system requires secure, fast, reliable and transparent electronic systems that contribute to strengthening confidence in the banking sector and supporting financial stability.”
He added, “The last few years have witnessed tangible developments in electronic payment through the expansion of the use of bank cards,” considering financial integration to be the main pillar of economic stability through a new tool added to electronic defense systems.
Al-Alaq also stressed that digital transformation is an important launch and a qualitative step in the path of developing the financial and banking sector and promoting the shift to electronic payment in Iraq.
The Central Bank Governor continued, saying: “We affirm our support for services that contribute to financial services throughout Iraq, including the Kurdistan Region, and we believe that developing the electronic defense system is not just an option, but a necessity to strengthen the economy.” He noted that electronic payment is an ongoing process that includes a strong infrastructure and aims to enhance public awareness of these transformations, which is what we seek to work on, and we are coordinating with the Kurdistan Region to establish a unified and secure system.”
shafaq.com
