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Tishwash:
With the participation of 12 banks, Kirkuk hosts a special event to promote financial inclusion.
The Central Bank of Iraq, with the participation of 12 government and private banks, organized a special event in Kirkuk Governorate aimed at promoting financial inclusion and spreading the culture of digital financial transactions, as well as opening up prospects for cooperation between citizens and banking institutions
Rafidain Bank representative in Kirkuk, Maab Mustafa, told the Iraqi News Agency (INA) that “this activity is the first of its kind in the governorate, and it will showcase the services, offers and facilities provided by banks, in addition to facilitating the procedures for opening current and savings accounts.”
He added that “the event also focused on the importance of issuing electronic cards, using modern payment methods in shopping and government payments, as well as clarifying the concepts of financial inclusion and ways to protect banking data.”
For his part, Zaid Raad, the sales manager at the state-owned Al-Rasheed Bank in Kirkuk, confirmed to (WAA) that “the event held by the Central Bank has a positive impact, especially in the areas of loans and financing,” noting that it highlights housing loan initiatives, support for small projects, and personal loans sponsored by the Central Bank.
According to those in charge of the activity, which was covered by the Iraqi News Agency (INA), the main objective of this event is to ensure that financial services reach all segments of society at reasonable prices, and to work on the transition from reliance on cash to the digital banking system.
They explained that this shift contributes to reducing the risks of carrying cash, facilitating buying and selling through point-of-sale (POS) devices, as well as supporting the local economy by enhancing liquidity within the formal banking system. (LINK)
The Central Bank of Iraq: The flow of foreign currency into Iraq is stable.
The Deputy Director General of the Anti-Money Laundering and Counter---------- Financing Office at the Central Bank of Iraq, Hussein Ali, stated that the bank’s procedures and international audits have led to the regulation of foreign transfers and ensured the flow of foreign currency (dollars) into the country, noting that there is ongoing coordination at the international level to exchange intelligence and financial information with the aim of drying up the sources of --------- financing.
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In an interview with Rudaw Media Network on Wednesday (May 6, 2026) regarding Iraq’s ability to implement the observations of the US Treasury and international institutions to ensure the continued sending of dollars, Hussein Ali said: “The Iraqi banking system has witnessed remarkable progress in technical and practical compliance over the past years, and this has been reflected in international reports indicating an improvement in Iraq’s ranking in the field of combating money laundering.”
According to information obtained from several Iraqi officials, the United States promised to normalize sending dollars to Iraq, but until the last few days no amounts of dollars have entered the Central Bank’s account.
The Central Bank official explained that there is “full coordination” with the Supreme Judicial Council to take “strict legal measures” against violators, noting that the international audit process “led to the regulation of foreign transfers, achieving stability and ensuring the flow of foreign currency through official channels.”
The Deputy Director of the Anti-Money Laundering Office stated that “fictitious trade and the black market” were among the most prominent challenges facing the Central Bank, adding: “The electronic platform for remittances has brought about a major transformation; official channels are now the main route for remittances, which has enabled our teams to easily track financial movements that do not correspond to the type of business activity, especially those that use fictitious invoices.”
The official also pointed to a new coordination with the Customs Authority through the ASYCUDA system, saying: “This system provides an accurate database of exports and imports and prevents ------------ of prices and quantities of goods.”
Regarding the black market, Hussein Ali said: “We worked to strengthen confidence in official channels so that the free market would not remain an outlet for ------- activities.”
Regarding preventing the financing of ---------, Hussein Ali announced that they are using “modern technologies such as artificial intelligence and advanced data analysis systems”.
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He added: “We closely monitor virtual assets and digital currencies via Blockchain technology, where new analytical tools have enabled us to detect abnormal patterns of money transfers faster and more accurately.”
The Central Bank official concluded by noting that the Central Bank and the Iraqi government are in continuous coordination at the international level to exchange intelligence and financial information, “with the aim of drying up the sources of --------- financing that attempt to exploit technical loopholes.” (LINK)
Customs automation halves demand for dollars: An economist reveals a radical shift in Iraq’s foreign remittances.
Iraqi economist Manar Al-Obaidi revealed a radical shift in Iraq’s foreign transfer balance during the first quarter of 2026, stressing that the implementation of the Asycuda customs automation system directly contributed to curbing what he described as the “financial bleeding” that accompanied import operations and international transfers for years.
Al-Obaidi explained, based on recent data, that the Central Bank of Iraq’s sales of foreign currency recorded a sharp and unprecedented decline, reaching about $10 billion during the first quarter of 2026, compared to much higher levels in previous periods.
He explained that the annual comparison shows a decline of 50% compared to the first quarter of 2025, while the quarterly comparison recorded a decrease of 49% compared to the fourth quarter of 2025, in which sales amounted to about $21 billion, reflecting a clear gap in the volume of spending on hard currency.
Al-Obaidi stressed that this decrease does not reflect an economic recession, but rather represents a direct result of strengthening financial control tools, noting that the ASYCUDA system, along with the Advance Send system, played a pivotal role in reducing invoice inflation and preventing the submission of ---- or overvalued import documents to obtain dollars.
He added that these systems also contributed to controlling the import movement by linking financial transfers to the actual goods entering the country, as well as monitoring re-exported goods and closing loopholes that were being exploited in money laundering or currency smuggling operations under the guise of commercial activity.
Al-Obaidi described the reliance on these digital systems as a “strategic achievement” for Iraqi fiscal policy, noting that it succeeded in a short period in reducing the demand for the dollar by half, which enhances the stability of the national currency and gives the Central Bank greater flexibility in managing cash reserves with higher efficiency. (LINK)
Source: Dinar Recaps
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