Economy

MyAccount initiative remains unaffected by new Iraqi bank restrictions

This ban affects five banks: Al-Mashreq al-Arabi Islamic Bank, United Bank for Investment, Al Sanam Islamic Bank, Misk Islamic Bank, and Amin Iraq for Islamic Investment and Finance.

The logo of the MyAccount initiative. (Photo: Designed by Kurdistan24)
The logo of the MyAccount initiative. (Photo: Designed by Kurdistan24)
Kurdistan MyAccount initiative Central Bank of Iraq US Treasury Department

ERBIL (Kurdistan24) – In response to recent news about several Iraqi banks being banned from accessing the US dollar, Aziz Ahmad, Deputy Chief of Staff to Kurdistan Region Prime Minister Masrour Barzani, on Sunday reassured the public that the region’s financial inclusion program, MyAccount, remains unaffected by these developments.

Ahmad emphasized that banks participating in the MyAccount initiative continue to operate smoothly, with customers still able to access international services, such as using their cards abroad. This stability is attributed to a rigorous due diligence process that each bank undergoes before joining the program, including comprehensive checks on its financial health and adherence to Central Bank of Iraq regulations.

Adding to the positive outlook, Ahmad announced that two respected international banks are set to join the MyAccount initiative in the coming weeks, underscoring the growing confidence in the program. This expansion highlights the initiative’s role in strengthening financial services within the Kurdistan Region.

The Central Bank of Iraq will ban five additional local banks from conducting transactions in US dollars. This decision comes after discussions with US Treasury Department officials focused on addressing money laundering, dollar smuggling, and other violations.

This ban affects five banks: Al-Mashreq al-Arabi Islamic Bank, United Bank for Investment, Al Sanam Islamic Bank, Misk Islamic Bank, and Amin Iraq for Islamic Investment and Finance.

MyAccount is part of broader efforts to modernize financial systems in the Kurdistan Region and enhance convenience for public sector employees.

Eight banks have committed to the MyAccount program, including BBAC, Cihan Bank, RT Bank, Bank of Baghdad, Iraqi Islamic Bank, National Bank of Iraq, TBI, and the International Development Bank. These institutions' participation highlights the growing momentum of public and private sector collaboration in advancing financial services.