The majority of Iraq's financial assets are in US dollars. Al-Sudani's advisor discusses linking Iraqi banks to US banks.
On Wednesday, April 30, 2025, Mazhar Mohammed Salih, advisor to the Prime Minister for Financial Affairs, spoke about the repercussions of linking Iraqi banks to American banks.
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“As long as Iraq is within the dollar zone like other OPEC countries, with the US dollar constituting the majority of its financial assets from oil revenues, it is in our country’s interest to deal equally with the US commercial banking system as a global correspondent power for national banks, especially when dealing with more than one US bank operating globally (Global Bank) that has major global branches and arms, ” Saleh said in a press statement followed by Al-Jabal.
He pointed out that "the Central Bank of Iraq's efforts to link national banks with major banks and financial institutions in the United States, with more than one bank that enjoys international standing, is an important means of providing economic stability and improving the investment, trade, and development climate in our country through integration with the dollar trade, banking, and investment zone, which remains one of the strongest and most important monetary zones in the world."
He stressed that "reducing the costs of foreign banking transactions requires direct banking cooperation with more than one American (Global) bank, and that the Central Bank of Iraq is moving in the right, open, and rapid direction in assessing its priorities to serve the stability of the national economy at the level of foreign banking transactions and implementing them with the required speed and high guarantees ."
He pointed out that "the second American bank is responsible for providing opportunities for Iraqi banks as a global correspondent bank with multiple branches and operations to quickly implement banking operations, whether in transfers or financing foreign trade for our country's markets, without obstacles and with transparency and high governance. In addition, it provides financing and credit lines for trade and investment in Iraq, as well as benefiting from digital banking services and highly advanced international standards, which will bring our national banks to the required global level. These are factors that encourage the investment and business climate in our country at the same time, in the midst of integration and cooperation with the international banking system."
Due to the drop in oil prices, the Iraqi government is considering canceling the 2025 budget.
An Iraqi cabinet source said on Wednesday that the government is considering canceling the 2025 budget due to the drop in oil prices, which has increased the country's fiscal deficit .
The source told Shafaq News Agency, "The Council of Ministers did not formally discuss the budget schedules in its previous sessions, and Finance Minister Taif Sami informed the Council of Ministers that there is a large deficit in the budget schedules ."
He added, "Under current conditions, there will be no budget this year due to the decline in oil prices, which has directly impacted financial revenues and increased the deficit in the 2025 budget ."
The source explained that "if the budget is cancelled, Finance Minister Taif Sami may issue a decision to release bonuses and promotions for state employees that were halted and delayed due to the budget."
On April 16, the Parliamentary Finance Committee warned against adjusting the price of a barrel of oil in the Iraqi federal general budget due to the decline in global oil prices .
Committee member Jamal Kocher told Shafaq News Agency, "The price of a barrel of oil was set in the general budget law at $70 per barrel. At the time, the price of a barrel of oil was more than $70. It is not yet known whether the government has adjusted the price of a barrel of oil in the budget or not ."
Kocher pointed out that "the Iraqi state's operating budget is only 90 trillion dinars, and if the price of a barrel of oil falls below $60 and this is not addressed, this will lead the country to enter a financial crisis, and the government will spend the financial revenue from oil on employee salaries only . "
After the treasury went bankrupt, the government withdraws contractors' deposits to pay salaries.
The Iraqi government has decided to use funds held by contractors and companies to pay the salaries of state employees for April and May, a controversial move that could open the door to significant legal and financial repercussions in the future.
According to informed sources, these funds originally belong to companies and contractors as part of their financial dues frozen in trust accounts, meaning that resorting to them could expose the state to lawsuits. What's more striking is that the same account currently being used to cover salaries is the same one previously linked to the "theft of the century" case, in which Nour Zuhair is accused.
Sources indicate that the amount currently being used is close to the same amount that was the subject of the previous scandal, raising widespread questions about the transparency of public finance management and the lack of radical reforms to the financial system.
words of that document
Council of Ministers
No. (294) of 2025
Based on what was presented by the Minister of Finance during the Cabinet meeting and what was stated in the Ministry of Finance's letter No. (11 S/373) dated 4/14/2025.
The Council of Ministers decided in its fifteenth regular session held on 4/15/2025
to approve the following:
of (3,045,007,500,252 dinars) only three trillion and forty-five billion and seven million and five hundred thousand and two hundred and fifty-two dinars to finance and pay the salaries of April and subsequent months deposited in the Ministry of Finance's account at the Central Bank of Iraq (70019), which it will deposit later according to the need for the total state, provided that the cash settlement is made monthly when requested by reversing the amount of deposits from the actual revenues collected monthly when conducting tax accounting
Finance 1. Authorizing the Minister of Finance to withdraw the amount of tax deposits that are less than five years old
this kind of goes with the bakrupt article
With a document: Parliamentary demands to release bonuses and promotions without relying on the budget.
To / Honorable Prime Minister
Disbursement Authority
May the peace, mercy, and blessings of God be upon you
With reference to the Ministry of Finance's letter No. (555) dated 1/12/2025, which includes the suspension of the transfer of services, the calculation of certificates, services, and other rights of employees, in order to limit expenditures until the approval of the tables of the 2025 Budget Law. In view of the delay in approving the tables and its negative consequences on the rights of state employees provided to them by the Triennial Budget Law, we kindly request you to issue a decision to release all employee entitlements, including bonuses, promotions, the calculation of certificates, services, and transfers between state institutions, in accordance with the provisions of the Triennial Budget Law, and to direct the Ministry of Finance to do so, as these are among the rights of employees permitted by law. We appreciate your cooperation in serving the public interest.
Please review and inform us. With appreciation
Second
202 / /
Mob.: 07746503298-07849043es
E-mail: xxxxxxxxxxxxxx
Parliament wants to know why Al-Sudani's government has begun withdrawing tax funds to pay salaries.
Economic experts and specialists have warned of the "danger" of the government of Mohammed Shia al-Sudani relying on tax deposits to pay employee salaries.
Economist Nabil Al-Marsoumi published a document on his Facebook account, revealing the new government decision, which stated that “Based on what the Minister of Finance presented in an emergency presentation during the Cabinet meeting, and what was stated in the Ministry of Finance’s letter No. (11S/373), dated 4/14/2025. The Cabinet decided in its 15th regular session held on 4/15/2025, to approve (authorizing the Minister of Finance to withdraw the amount of tax deposits that are not more than five years old, amounting to 3 trillion, 45 billion, 7 million, 500 thousand, and 252 dinars, to finance and pay the salaries of April and subsequent months deposited in the Ministry of Finance’s account at the Central Bank of Iraq (70019), which it will deposit later according to the need for the total state, provided that the cash settlement is carried out monthly when requested by reversing the amount of deposits from the actual revenues collected monthly when conducting tax accounting.”
Parliament moves to find out the reasons
The Iraqi parliament's Finance Committee confirmed its efforts to investigate the reasons behind the Iraqi government's withdrawal of tax funds to pay salaries.
Committee member Moein Al-Kadhimi told Al-Jabal, "The parliamentary finance committee and other parliamentary committees will host the Minister of Finance and other government officials to determine the reasons and motives behind the Iraqi government's withdrawal of tax funds to pay salaries."
Al-Kadhimi added, "According to the Finance Minister's assurances during previous interviews, the government is not suffering from any liquidity shortage and the financial situation is stable and reassuring. Therefore, it is necessary to know the reasons for withdrawing these funds, how they will be returned, and whether the 2025 budget schedules will include such precise financial details."
"Dangerous indicator"
Nasser Al-Kanani, an economic and financial expert, confirms that the Iraqi government's withdrawal of a portion of the funds from tax deposits to pay salaries is a very dangerous indicator.
Al-Kanani told the Al-Jabal platform on Wednesday that "the Iraqi government's withdrawal of a portion of the funds from tax deposits to pay salaries is a very dangerous indicator. It confirms that the financial situation in Iraq has reached a very dangerous stage, and the government will be unable to pay salaries in the coming months."
Al-Kanani explained that "with the continued decline in oil prices, the financial crisis will become more serious in the coming months," stressing that "withdrawing these sums is a dangerous precedent and is perhaps happening for the first time. This requires finding quick and urgent solutions to the financial crisis Iraq is experiencing. The cause of this crisis is certainly the failed planning that relies on oil to finance the Iraqi state budget."
The economic and financial affairs expert concluded by saying, "These funds belong to companies, and tax monies are obligated to pay them to companies upon their request. Withdrawing these funds by the Ministry of Finance may prompt these companies to take legal action to withdraw these funds, or a portion of them, in the coming period."
Secretary of State to US Press: Iraq is keen to continue security cooperation with the United States
Foreign Minister Fuad Hussein affirmed, today, Wednesday (April 30, 2025), the Iraqi government's keenness to strengthen the partnership with the United States in the political, security, and economic fields, during his meeting with American media, at the Iraqi embassy building in Washington.
The Ministry of Foreign Affairs stated in a statement received by Baghdad Today that, "As part of his official visit to the United States, the Deputy Prime Minister and Minister of Foreign Affairs held a roundtable discussion with a group of prominent journalists and correspondents from American media outlets at the Embassy of the Republic of Iraq in Washington, D.C."
She added, "During the meeting, the Minister reviewed the most prominent regional and international developments and highlighted Iraq's foreign policy priorities, stressing that the government is working diligently to reduce reliance on imports and enhance national energy production capabilities by diversifying international partnerships and activating new agreements with a number of countries, in addition to leveraging global expertise in renewable energy and associated gas investment."
According to the statement, Hussein explained that the presence of US forces in Iraq falls within the framework of training and advisory support, not combat. He emphasized Iraq's commitment to preserving its national sovereignty, its keenness to continue security cooperation, and preventing the resurgence of ISIS activity, while affirming its non-involvement in any regional conflicts.
Regarding the humanitarian situation in Gaza, Hussein reiterated Iraq's firm position in support of calming efforts and its rejection of targeting civilians, stressing that stability in the region will not be achieved without a just and comprehensive settlement of the Palestinian issue.
According to the statement, the meeting also included discussions on developments in the nuclear negotiations with Iran, Iraqi-Syrian relations, and the importance of supporting efforts to combat terrorism and extremism in the region. In this context, the minister emphasized Iraq's endeavor to play an effective and balanced role in its Arab and regional environment, based on the principles of mutual respect and common interests.
Fuad Hussein: We are making every effort to bring viewpoints closer together and begin resuming Kurdistan's oil exports.
Iraqi Foreign Minister Fuad Hussein affirmed his country's efforts to bring the views of the concerned parties closer together in order to resume oil exports from the Kurdistan Region.
Iraqi Foreign Minister and Deputy Prime Minister Fuad Hussein described his recent visit to the United States as successful.
Hussein spoke at a small press conference with several media outlets, including Kurdistan 24, regarding his visit to the United States, his meetings with American officials, and his recent tour of Arab countries to deliver invitations to the Baghdad Summit.
Hussein described his recent visit as "successful and excellent," during which he met with the US Secretary of State, held another meeting at the White House with the National Security Advisor and his team, and met with the Treasury Department. He also held numerous meetings with officials from both inside and outside the administration, and participated in events, lectures, and discussions at political think tanks.
He added that the outcomes of those meetings focused on a variety of issues, saying, "The issue we raised at the Treasury Department differed from the issues we raised at the State Department, and the issue we discussed at the White House was different, of course, but we touched primarily on bilateral relations, economic, regulatory, security, and political aspects, as well as the situation in the region, the situation in Syria, and the ongoing negotiations between the United States and Iran."
Hussein touched on the negotiations between Tehran and Washington, saying: “He is in contact with his colleagues both in Tehran and in Muscat, considering Oman is the host country for the negotiations, and it was important to hear the American viewpoints closely,” indicating that “the visit was basically coordinated with the Ministry of Foreign Affairs and the Minister of Foreign Affairs, as he invited me here (America) and we discussed several matters as well as the upcoming meetings of the committee formed between the two parties to conduct the talks, which we call the strategic dialogue, and we hope within two months to return to Washington and have this session and the strategic dialogue session.” He continued, “We are in the process of activating all existing relations between Washington and Baghdad at all levels.”
Regarding the resumption of Kurdistan Region oil exports, Hussein said that this issue "was also part of the discussions. I had the opportunity to meet virtually with two companies, as well as with two companies operating in Kurdistan, and I heard their perspectives on the ongoing negotiations or dialogue in Baghdad."
He added, "I am aware of the Kurdistan Regional Government's viewpoint, and I had a lengthy conversation with Prime Minister Masrour Barzani. I am also aware of the federal government's viewpoint because I am part of this negotiating process. In addition, before the visit to Washington, I had a conversation with the Prime Minister about this issue."
He added, "This issue has been raised, and when we return, we will do our utmost to bring the views of the three parties closer together, resolve this problem, and begin exporting oil from Kurdistan."
Hussein spoke about the security situation in the region, saying: “There are many common arenas. In the security field, of course, there is a common arena, and the two countries emphasize security in the region, and the security and stability of Iraq.” He indicated that “Iraq is now stable and secure, and you feel that Iraq has reached a stage of stability.” He added that “the threat to this stability is related to the regional environment, and the problem is not in Iraq, but rather exists in the regional environment and the threats are in the regional environment, and from here the fear, and from here we exchanged views with the American side in order to protect Iraq, preserve Iraqi society, and keep Iraq away from the fire of war.”
Regarding the Baghdad summit, Fuad Hussein said it "will take place on May 17 in Baghdad, with the attendance of Arab leaders, all of whom have been invited." He noted that "the security conditions in the region are different from what they were two years ago, and therefore the handling of these military and security issues is different from the positions held two years ago."
Foreign Minister: Iraq is committed to preserving its national sovereignty.
Foreign Minister Fuad Hussein affirmed on Wednesday that Iraq is committed to preserving its national sovereignty.
A statement by the Foreign Ministry received by (Al-Youm Al-Akhbariya) stated that "Foreign Minister Fuad Hussein held a roundtable with American media outlets at the Iraqi Embassy in Washington, D.C., to review the most prominent regional and international developments and highlight Iraqi foreign policy priorities, stressing "the Iraqi government's keenness to strengthen partnership with the United States in the political, security, and economic fields."
He stressed that "the government is working hard to reduce dependence on imports and enhance national capabilities in the field of energy production by diversifying international partnerships and activating new agreements with a number of countries, in addition to benefiting from global expertise in the field of renewable energy and investment in associated gas."
He explained that "the presence of American forces falls within the framework of training and advisory support missions, and not within the framework of combat, stressing Iraq's commitment to preserving its national sovereignty, its keenness to continue security cooperation, and preventing the return of the terrorist organization ISIS, while affirming non-engagement in any regional conflicts."
Regarding the humanitarian situation in Gaza, he reiterated "Iraq's firm position in support of calm efforts and its rejection of targeting civilians, stressing that stability in the region will not be achieved without reaching a just and comprehensive settlement." for the Palestinian cause."
The meeting also included discussions on developments in the nuclear negotiations with Iran, Iraqi-Syrian relations, and the importance of supporting efforts to combat terrorism and extremism in the region. In this context, according to the statement, he stressed "Iraq's endeavor to play an effective and balanced role in its Arab and regional environment, based on the principles of mutual respect and common interests."
Fuad Hussein arrives in Oman to exchange views on "current challenges"
Fuad Hussein arrives in Oman to exchange views on "current challenges"
The Iraqi Ministry of Foreign Affairs announced the arrival of its Minister, Fuad Hussein, to the Omani capital, Muscat, on an official visit aimed at strengthening bilateral cooperation between the two countries.
The ministry said in a statement that "Deputy Prime Minister and Minister of Foreign Affairs Fuad Hussein is scheduled to hold meetings during the visit with a number of Omani officials, most notably the Omani Minister of Foreign Affairs, Badr bin Hamad Al Busaidi, to exchange views on regional and international developments and current challenges."
The statement indicated that the Iraqi Ambassador to Muscat, Qais Al Ameri, and embassy staff attended the reception ceremony.
The fourth round of Iranian-US nuclear talks in Rome on Saturday.
Iranian Foreign Minister Abbas Araqchi announced on Wednesday that the fourth round of nuclear talks with the United States, mediated by Oman, will be held in Rome on Saturday.
"The next round of negotiations will be held in Rome," Araqchi said after a cabinet meeting, adding, "We will also hold a meeting with three European countries on Friday, the eve of the talks."
France, Britain, and Germany remain party to the landmark 2015 nuclear agreement with Iran, along with China and Russia.
The United States unilaterally withdrew from the agreement three years later, during Donald Trump's first presidency. Iran subsequently gradually retreated from its commitments under the agreement.
The US president, who wants a new agreement with Iran, called on Tehran to negotiate last March, threatening military action if diplomacy failed.
The two countries, enemies for four decades, began talks on April 12, mediated by the Sultanate of Oman. Talks were also held on April 19 and 26.
The second round of talks was held in Rome, while the first and final rounds were held in Muscat, Oman.
The agreement, which expires in October 2025, ten years after it entered into force, stipulates the possibility of reimposing sanctions if Iran fails to comply with its obligations.
France warned Monday that it, along with Germany and the United Kingdom, would not hesitate "not for a second" to reimpose sanctions on Tehran if Europe's security was threatened by Iran's nuclear program.
Iran condemned these "threats" on Wednesday.
The Iranian mission to the United Nations said in a letter that "resorting to threats and economic blackmail is completely unacceptable and constitutes a blatant violation of the principles of the UN Charter."
The Iranian mission noted in its letter that "true diplomacy cannot be conducted under threat or pressure."
She stressed that "if France and its partners are truly interested in reaching a diplomatic solution, they must abandon coercion."
Kurdistan Regional Government: No obstacles from our side to resuming oil exports, good progress in talks with Baghdad
A statement issued by the Kurdistan Regional Government's Presidency on Wednesday stated that the Kurdistan Regional Government's Council of Ministers held a meeting chaired by Prime Minister Masrour Barzani and attended by Deputy Prime Minister Qubad Talabani. The meeting discussed the latest developments in the oil export file, as well as the reorganization of retiree affairs.
The statement stressed that "there are no obstacles from the Kurdistan Region to resuming oil exports."
At the beginning of the meeting, Acting Minister of Natural Resources Kamal Mohammed Salih presented the latest developments related to the resumption of oil exports from the region, based on the Iraqi budget law.
Saleh explained that "the ministry has fully fulfilled all its obligations regarding the regional government," stressing that "there are no obstacles or impediments from the Kurdistan Region to resuming exports and depositing revenues into the federal treasury."
Meanwhile, Chief of Staff of the Council of Ministers, Umed Sabah, and Secretary of the Council, Amanj Rahim, reviewed details of the ongoing discussions with the federal government and oil companies, noting "good progress on some items, while efforts continue to resolve the remaining points, particularly those related to the companies."
The statement noted that the Council of Ministers renewed its support for the negotiations, calling on the Ministry of Natural Resources, the Federal Ministry of Oil, oil companies, and the State Oil Marketing Organization (SOMO) to "continue coordination and negotiations to resolve outstanding issues and reach an agreement as soon as possible, in preparation for the resumption of the region's oil exports."
The regional government warned, according to the statement, that the financial losses resulting from the halt in oil exports "have exceeded tens of billions of dollars."
In another aspect of the meeting, the Council discussed the reorganization of the General Retirement Administration Institution, based on the Iraqi Unified Retirement Law No. (9) of 2014, and the decision of the Federal Court.
Abdul Hakim Khosro, head of the Coordination and Follow-up Department, submitted a report on the matter, stressing the "need to organize the file in accordance with federal laws."
In turn, the Council of Ministers stressed the importance of caring for the affairs of retirees, and tasked the Ministries of Finance and Economy, Peshmerga Affairs, and Interior to form a specialized joint committee as soon as possible, to prepare appropriate procedures and mechanisms to facilitate and expedite retirement transactions and the disbursement of salaries and benefits, in the civil and military sectors and internal security forces, in a way that ensures that there is no delay in completion or disruption of the rights of retirees, according to the statement.
Oil below $70... Iraqis fear stifling economic and financial repercussions
: Oil prices represent a major concern for Iraqis, especially the executive authority and the parties
responsible for formulating the budget, which is based on an average price of $70 per barrel. This comes at a time when prices are experiencing a significant decline due to numerous external factors.
Global oil prices are witnessing a worrying decline, threatening the financial balance in Iraq, which relies almost entirely on oil revenues to finance its budget.
This decline, which has touched the $70 per barrel threshold in futures contracts, has raised serious concerns within government, parliamentary, and economic circles, especially given the absence of real alternatives capable of covering the potential revenue gap.
Iraq relies on oil revenues for more than 90% of its general budget, which includes huge operating allocations, most notably the salaries of more than 4 million government employees.
“Seventy-five percent of revenues are directed towards operating expenses, which puts the state in a sensitive position in the face of any fluctuations in the oil market,” parliamentary finance committee member Jamal Ahmed told Al-Maalouma News Agency. He explained that "a one-dollar daily drop in the price of a barrel of oil means an estimated loss at approximately $3.5 million per day for Iraq."
She added, "The state is in dire need of finding real economic alternatives that contribute to securing budget expenditures, both operational and investment, warning that the continuation of this situation exposes the country to recurring funding crises with each cycle of price decline."
For his part, State of Law Coalition member Imran Karkoush believes that what is happening is the result of the absence of a comprehensive economic vision for years, as Iraq has remained “hostage to global market fluctuations,” relying on a rentier economy without developing alternative sectors.
Karkoush told Al-Maalouma, “Iraqis' hopes are now pinned on the rise and fall of oil prices, which is a cause for concern.” He added that "government policies have failed to break this cycle, despite repeated calls for economic, agricultural, and trade openness with other countries to provide sustainable financial alternatives."
In the same context, economic expert Diaa Al-Mohsen warned against the consequences of complete reliance on oil, noting that "the absence of alternative sectors poses a serious threat to the country's financial and economic stability."
Al-Mohsen told Al-Maalouma, “The real reason behind the price decline is OPEC's production increase of approximately 260,000 barrels, along with global political tensions, and not just trade factors such as US tariffs.”
He added, “Iraq needs a comprehensive economic strategy that ensures diversification of national income sources,” noting that “the continued decline in prices may not have an immediate impact, but its repercussions could be significant in the near term, especially in light of the huge financial obligations that cannot be postponed.”
Despite some experts' assurances that the government is able to secure salaries even if the price of a barrel falls to $45, popular concern remains justified in the absence of clear plans to reduce dependence on oil and enhance economic stability.
Al-Sudani: The government has worked to improve the business environment to attract companies.
During his reception of Baker Hughes CEO on Wednesday (April 30, 2025), Prime Minister Mohammed Shia al-Sudani affirmed the government's readiness to provide all necessary facilities and support for the company's operations in Iraq, noting that the government has worked to improve the business environment to attract companies across all sectors.
The Prime Minister's Media Office stated in a statement received by Baghdad Today that "Al-Sudani received today, Wednesday, the Chairman and CEO of Baker Hughes, an American oil and energy services company."
He added, "During the meeting, they discussed prospects for cooperation in the energy sector and reviewed the company's projects in Iraq, including the completion of gas processing units in the Nasiriyah field with a capacity of 200 million standard cubic feet. The first phase of this project is expected to be completed before the summer of 2026, while the second phase will be completed in 2027."
Al-Sudani affirmed, according to the statement, the government's readiness to provide all necessary facilities and support for the company's operations in Iraq, in light of government measures regulating the entry of businessmen and companies into the Iraqi market.
For his part, Baker Hughes expressed his company's commitment to implementing energy projects in Iraq and expanding its scope of work, emphasizing that Iraq offers promising investment opportunities in various fields.
KRG official publicly criticizes Iraq’s Trade Bank over delays to ATM rollout and bank cards
The initiative, known as My Account, launched in September 2023, aiming to allow government employees in the Kurdistan Region to receive salaries digitally via bank-issued cards, reducing dependency on cash and increasing financial transparency. TBI was among several banks selected for participation.
“We are pleased to announce that the Trade Bank of Iraq is now part of the My Account project to digitize salary payments in the Kurdistan Region,” the ministry had said in a statement last year. Although welcomed in May 2024 by the Kurdistan Ministry of Finance, TBI’s participation has become a source of concern.
Nearly a year later, officials say the bank has fallen short of its commitments.
Aziz Ahmed, deputy chief of staff to KRG Prime Minister Masrour Barzani and the official leading the My Account team, spoke candidly to 964media. “It’s true, this is the first time we are publicly expressing our concerns about one of the banks in the My Account project, which is TBI,” he said. “But the scale of the issues with this bank can no longer be overlooked.”
Ahmed explained that the KRG has been waiting for over a year for TBI to fulfill a pledge to install 100 ATMs. “Despite over 40,000 requests from public employees in the Kurdistan Region to open accounts with the bank, the ATM installation process hasn’t moved forward, and the issuance of My Account cards has also been delayed,” he said.
The delay, according to Ahmed, is not just administrative but has practical consequences. “The delay in delivering ATMs and distributing bank cards has affected the speed of the banking rollout and has harmed public employees in the region,” he said.
Other banks participating in the program have also experienced occasional technical setbacks, but those were typically resolved without long-term disruption. “The level of difficulty we’ve had with TBI is different and ongoing,” Ahmed said. “Issues faced by other banks, such as temporary ATM outages, were addressed and solved. That has not been the case with TBI.”
According to the latest data obtained by 964media from the My Account project, there are approximately 650 ATMs available across the Kurdistan Region—many newly installed as part of the initiative. The project aims to expand this network to over 1,200 ATMs, reaching beyond major cities to include towns and remote areas.
This expansion is intended to ease salary access for the Kurdistan Regional Government’s 1.2 million public sector employees—roughly one ATM for every 1000 workers.
Eight banks are currently participating: BBAC, Cihan Bank, RT Bank, Bank of Baghdad, Iraqi Islamic Bank, National Bank of Iraq, Trade Bank of Iraq, and the International Development Bank.
964media has learned that the project has registered around 750,000 employees so far, with more than 450,000 having received their bank cards, enabling them to withdraw salaries from ATMs after being paid directly to their individual bank accounts.
The project has vowed to register all public sector employees for digital banking accounts by the end of this year.
Ahmed said the KRG has formally raised the issue with both the Central Bank of Iraq and the office of Iraqi Prime Minister Mohammed Shia al-Sudani. “Despite our repeated official communications and efforts to resolve the problems with the bank at the highest levels, the response and cooperation have not met expectations.”
Frustrated by the lack of progress, the KRG has opted to go public. “The lack of a satisfactory outcome from those efforts has left us no choice but to make our concerns public in the spirit of transparency,” Ahmed said.
My Account functions as an alternative to Baghdad’s Tawtin (localization) program. In February 2024, Iraq’s Federal Supreme Court ruled that salaries for public employees in the Kurdistan Region must be paid directly by the federal government, rather than through the KRG’s allocated share of the national budget.
In September 2024, public sector workers in Erbil and Sulaymaniyah expressed growing frustration as some ATMs ran out of cash, leaving many unable to access their delayed wages. However, officials overseeing the My Account project say those problems have since been addressed and that the system is now operating more smoothly. There have been no reports of widespread issues since.
New US sanctions on Iran to limit funding for its nuclear programs
US Secretary of State Marco Rubio announced today, Wednesday, April 30, 2025, the imposition of new sanctions on seven entities involved in the trade of Iranian petroleum and petrochemical products, in addition to designating two vessels as blocked property for their connection to that trade.
The US Secretary of State said in a press statement, "These sanctions are part of ongoing US efforts to limit Iran's ability to finance its nuclear and missile programs and undermine its destabilizing activities in the region."
The US Treasury Department announced yesterday the imposition of sanctions on six entities and six individuals in Iran and China for operating a network supplying missile fuel components to the Iranian Revolutionary Guard.
This network facilitated the transfer of materials such as sodium perchlorate and dioctyl octyl phosphate from China to Iran, which are used in the manufacture of ballistic missile engines, according to the US Treasury.
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