Central Bank: Comprehensive digital transformation in the financial sector is coming soon
Central Bank: Comprehensive digital transformation in the financial sector is coming soon
2025-03-08
The Governor of the Central Bank of Iraq, Ali Al-Alaq, stated today, Saturday, that Iraqi banks are close to transforming into smart platforms using artificial intelligence, noting that Iraq will witness a comprehensive digital transformation in the financial sector. Al-Alaq confirmed, in a statement to the official agency, that “Iraq has made great strides in activating electronic payment methods, which is an essential step in digital transformation,” noting that this stage will be overcome soon, as current electronic payment tools and methods are witnessing very rapid development.
Al-Alaq explained that in the near future, a big difference will be observed in the tasks of banks, as the nature of their work will change radically, stressing that banks will transform into smart platforms that organize financial operations using modern technologies and artificial intelligence.
He also added that every citizen will have a digital financial identity that will enable him to carry out many financial transactions easily, such as viewing balances or making investments inside and outside Iraq.
He stressed that the Central Bank is working on developing a digital currency under its supervision, noting that this currency will be different from cryptocurrencies that are not subject to the supervision of central banks.
He explained that this digital currency will be part of the Central Bank’s efforts to combat corruption, money laundering and terrorist financing, as it will provide a tight and transparent financial system that helps monitor all financial operations.
Al-Alaq also stressed that this approach will provide solutions to major economic, financial and social problems, and will also allow digital currency holders to conduct extensive financial transactions, even outside Iraq.
He added that Iraqi youth will greatly benefit from these modern financial tools, noting that many of them invest through these portfolios and tools in various fields outside Iraq.
At the same time, he warned that fraud may occur, explaining that the Central Bank is working to protect citizens from these risks.
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