Central Bank Governor: Issuing instructions and controls to regulate the electronic payment process.
Central Bank Governor: Issuing instructions and controls to regulate the electronic payment process.
2025-08-30
Central Bank Governor Ali Al-Alaq announced on Saturday the issuance of instructions and controls to regulate the electronic payment process in three aspects. While revealing the mechanism for developing the electronic payment process, he stressed the obligation of all state institutions to deal with electronic payments rather than cash. Al-Alaq told the official agency, “Electronic payment is witnessing significant development and is a gateway to the digital transformation towards a digital economy for a larger issue related to economic structure and global interaction, to achieve greater financial inclusion. All of these aspects have become fixed and developed strategies.”
He also pointed out that “the Central Bank, along with the government, the private sector, electronic payment companies, and technology companies, are all engaged in this massive and ongoing effort. We have regulatory and legislative technical initiatives and directions being worked on in coordination between the Central Bank of Iraq and the Iraqi government.”
He added, “There is cooperation and coordination with the government through the decision issued by the Council of Ministers requiring all state institutions to use electronic payments instead of cash. There is also the localization of salaries, which amounts to millions, in addition to public awareness being conducted through electronic payment companies and civil society organizations. There is growing community awareness.”
He also explained that “progress in electronic payments requires infrastructure, a legislative framework, and community awareness. These are three aspects that are being worked on diligently. Much of the infrastructure at the Central Bank level has been completed in an advanced manner, fully in line with international practices and legislative frameworks. We have issued numerous instructions and regulations that regulate the process, but we need more in the third aspect, which is community and cultural awareness.”
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