Prime Minister: KRG is working to standardise the region’s banking system

On Wednesday, June 14, 2023, Prime Minister Masrour Barzani of the Kurdistan Regional Government inaugurated the new head office of Cihan Bank in Erbil.

In his address, the Prime Minister highlighted the pivotal role that banks play as the primary drivers of economic development and growth.

Barzani explained that while the KRG’s financial reforms project is still in its preliminary stages, its ultimate goal is to digitise the public sector’s payroll, benefiting 1.2 million civil servants. Additionally, the project aims to involve the private sector to ensure accessibility and convenience for everyone in the region.

The Prime Minister emphasised the commitment of the KRG’s ninth cabinet to strengthening the economic infrastructure of the Kurdistan Region, with the banking system serving as a fundamental pillar for this development.

He went on to express the government’s determination to standardise the banking system across the region, highlighting collaboration between the KRG and the governor of the Iraqi Central Bank, who is cooperating to further enhance the Kurdistan Region’s banking system.