Government advisor: Iraq ranks third in the Arab world in terms of bank cards
The Prime Minister's financial advisor, Mazhar Mohammed Salih, confirmed on Saturday that Iraq's ranking as third in the Arab world in the number of bank cards issued is an important indicator of the development of the financial sector and the growing community and international confidence in government measures.
Saleh told the Iraqi News Agency (INA): "Iraq will fully enter the era of electronic collection by the middle of this year,this will strengthen the confidence of financial institutions and global investment banks that Iraq is moving towards a more transparent and professional economy, using advanced methods that ensure economic prosperity."
He added that "electronic collection will also give the impression that the Iraqi financial environment is now more prepared to welcome financial technology solutions and investments in the digital banking and insurance sectors in an attractive and accelerated manner."
Saleh noted that "this step reflects the strategic government effort to modernize the financial infrastructure and facilitate cashless transactions."
He continued, "Iraq ranked third in the Arab world in the number of bank cards issued, which is an important indicator of the development of the financial sector and the growing community and international confidence in government measures."
He indicated that "the government is actively pursuing digital financial transformation to achieve advanced levels of sustainable development, in accordance with the indicators of the National Development Plan 2024-2025 and the current government program."
He explained that "the progress achieved by Iraq in the use of digital banking payments undoubtedly indicates the rapid strategic progress achieved in spreading the use of bank cards and the beginning of a structural transformation of the Iraqi economy towards a digital economy."
Saleh stated that "utilizing modern technology will enable Iraq to achieve qualitative leaps in financial inclusion, maximize added value in the national economy, reduce poverty and unemployment, and facilitate broader economic reforms."
He noted that "this is also a major success for the government's e-governance program and the implementation of an integrated and fundamental digital infrastructure, paving the way for the transition to a digital economy and broad financial inclusion," he continued, "This progress also represents an important foundation for building an integrated digital market in Iraq, where the banking infrastructure becomes capable of handling both international and domestic electronic transfers."
He added that "electronic transfers will serve digital financing operations for small projects and develop electronic payment and tax collection systems."
He pointed out that "the move toward a carbon market as a new investment tool relies on electronic or digital platforms," while emphasizing that "the increasing number of bank cards means a wider segment of citizens are entering the formal financial and banking system by opening bank accounts, which facilitates the expansion of the use of mobile banking services, digital wallets, and electronic payments for bills, purchases, and other services, in addition to activating electronic government services such as salary payments, support, and social care."
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Rudaw Net
4 minutes ago
- Rudaw Net
Iraq-Turkey pipeline requires ‘costly' renovation: KRG PM advisor
Also in Iraq Iraqi top court dismisses lawsuit to halt KRG's 24-hour power plan US calls on Iraq to punish pro-Iran militants over deadly Baghdad attack Kurdish MP urges Iraqi president to halt Qaratapa upgrade Iraqi authorities arrest PMF members linked to attack on ministry A+ A- ERBIL, Kurdistan Region - The Iraq-Turkey pipeline has surpassed its lifespan and will require 'costly' renovation if the Kurdistan Region's long-stalled oil exports are to resume, an energy advisor to the Region's prime minister said on Tuesday. 'The suspension of the Iraq-Turkey Pipeline, which is a strategic Iraqi line, started in 1973 - meaning it is more than 50 years old,' said Kamal Atroshi, energy advisor to Prime Minister Masrour Barzani and the Kurdistan Region's former minister of natural resources. Oil exports from the Kurdistan Region through the Iraq-Turkey pipeline have been suspended since March 2023 after a ruling by a Paris-based arbitration court ruled in favor of Baghdad against Ankara, saying the latter had violated a 1973 pipeline agreement by allowing Erbil to begin exporting oil independently in 2014. 'Normally and under international standards, the lifespan of oil pipelines is between 40 to 50 years. After that period, it becomes very old and needs special maintenance, which entails very high costs. Basically, the contract was for 50 years and has expired for that pipeline,' he explained. Atroshi noted that the line is not beyond use, but any future operation would require extensive repair and favorable terms for both Iraq and Turkey. 'If an agreement is made to renovate that pipeline again, it has the capacity to work and its maintenance and repair costs and transit fees… are economically suitable for both sides, then it's possible. It's a very strong possibility,' he said. 'Certainly, this also has great benefits for Turkey.' The remarks come as Iraq and Turkey discuss the future of the pipeline and a possible new energy partnership. Last week, the Iraqi oil ministry said Ankara had officially expressed its willingness to renew and expand the 1973 oil export agreement with Baghdad. Turkey has confirmed sending a letter to Baghdad that included a draft of a broader energy cooperation deal covering oil, gas, petrochemicals, and electricity. The current agreement, first signed in 1973 and most recently renewed in 2010, is set to expire in 2026 unless either side issues a termination notice one year prior. Iraq's state gazette had earlier announced that Turkish President Recep Tayyip Erdogan would not renew the deal, prompting further clarification from Turkish officials that they do intend to move forward with a new version of the agreement. In May, Turkish Energy Minister Alparslan Bayraktar said the pipeline has the capacity to carry 1.5 million barrels of oil per day and that Ankara is interested in expanding energy trade with Iraq, particularly involving the oil-rich southern province of Basra. Sangar Abdulrahman contributed to this report.
Shafaq News
2 hours ago
- Shafaq News
Iraq joins IAACA
Shafaq News – Baghdad Iraq has officially joined the International Association of Anti-Corruption Authorities (IAACA), the Federal Integrity Commission announced on Tuesday. In a statement, the Commission confirmed that IAACA accepted Iraq's membership, proposing a virtual meeting with its Secretary-General to assess the Commission's needs and priorities. Established in 2006, IAACA promotes the UN Convention Against Corruption and includes 180 member organizations, 16 of which are from the Arab region. The association fosters international cooperation through annual conferences, general assemblies, and workshops hosted in countries such as Austria, China, and Qatar. It also advances the UN's Sustainable Development Goals by promoting knowledge exchange and combatting bribery and institutional corruption.
Rudaw Net
2 hours ago
- Rudaw Net
‘Dangerous escalation': HRW condemns drone strikes on Kurdistan Region
Also in Kurdistan 24 Raparin migrants return to Kurdistan Region after month-long detention in Libya President Barzani urges Baghdad to facilitate Yazidi returns on genocide anniversary Suicide drone targets Erbil; no casualties Assyrian Christians trek to ancient church in Duhok A+ A- ERBIL, Kurdistan Region - The drone strikes on the Kurdistan Region's oil facilities are a 'dangerous escalation' that risks fueling disputes between Erbil and Baghdad, especially with shaky payments of the Kurdistan Region's public sector salaries, Human Rights Watch (HRW) said on Tuesday. The Kurdistan Region has come under nearly 20 rocket and drone attacks in recent weeks, including strikes on its oil fields. The Kurdish government has blamed Iraq's Popular Mobilization Forces (PMF, or Hashd al-Shaabi) for the attacks - charges strongly denied as 'unacceptable' by Baghdad. 'The drone strikes mark a dangerous escalation in a long-running dispute between Baghdad and Erbil over the control and distribution of oil revenues. As part of this dispute, Baghdad has been withholding funds for the regional government's public sector salaries since May,' HRW said in a report, urging both governments to investigate and prevent further attacks. The strikes have badly damaged the Kurdistan Region's oil infrastructure, halting production in some fields entirely and cutting total output by about 70 percent. No group has claimed responsibility, and there have been no new attacks since a new agreement was reached between the federal government and the Kurdistan Regional Government (KRG) earlier this month. 'Ultimately, it is the civilians in Kurdistan who are paying the heaviest price,' Sarah Sanbar, Iraq researcher at HRW, told Rudaw on Tuesday. 'Damage to Kurdistan's oil facilities has taken around 70 percent of production offline, which not only impacts the government's ability to fund itself through oil revenues, but also puts the right to electricity at risk, meaning less fuel for the people.' Aziz Ahmad, deputy chief of staff to Kurdistan Region Prime Minister Masrour Barzani, said earlier this month that the region has lost nearly 200,000 barrels of oil production due to what he described as 'a spate of drone attacks by criminal militias on the Iraqi government payroll.' The drone strikes also threaten the region's broader energy infrastructure and residents' access to electricity. The Khor Mor gas field in Sulaimani province, which supplies most of the Kurdistan Region's power generation, has been hit by drones at least nine times since 2023, including an attack in February 2025. A strike in April 2024 killed four workers and halted production for nearly a week. Despite pledges by Iraqi Prime Minister Mohammed Shia al-Sudani to investigate, authorities have yet to publish findings or hold anyone accountable, HRW said. The international community has largely condemned the attacks. The rights organization also condemned Baghdad's repeated suspension of public sector salaries in the Kurdistan Region, 'using payments as leverage to force concessions in negotiations over oil revenues.' For more than a decade, the federal government has at times withheld salaries from Kurdistan Region's public workers, while federal employees elsewhere in Iraq have continued to receive theirs. Kurdish officials accuse Baghdad of politicizing the issue; Iraqi authorities say the KRG has failed to meet financial obligations under the constitution. Baghdad's freeze on salaries has hurt the quality and delivery of essential services like healthcare and education, Sanbar said. 'We've seen an increase in what's known as dual practice,' she explained. 'Doctors spend only a few hours in public hospitals and then move to private clinics for the rest of the day.' As a result, only those who can afford private care receive adequate healthcare - undermining a constitutional guarantee, she added. Sanbar noted a similar pattern in education. 'Teachers have increasingly gone on strike because their salaries haven't been paid. And when teachers go on strike, it's children who are left out of school.' 'Ultimately, doctors and teachers aren't the ones responsible for this problem,' she stressed. The salary crisis has also hit local businesses, with 40 to 60 percent of the workforce employed in the public sector, meaning many families have cut spending. 'This leads to desperation, rising poverty, and growing anger toward Baghdad, which most Kurdish people see as responsible for their suffering,' Sanbar said. Earlier this month, the KRG and Baghdad finalized a deal aimed at resolving disputes over oil exports and financial transfers, though officials on both sides continue to blame each other for delays in implementing it. Baghdad has sent funds to cover May salaries, but payments for June and July remain pending. Shahyan Tahseen contributed to this report.
