KRG Ministry of Finance and Economy: IDB No Longer Part of MyAccount Initiative

ERBIL (Kurdistan24) – The International Development Bank (IDB) will no longer participate in the Kurdistan Regional Government’s (KRG) MyAccount initiative due to restrictions imposed by the Central Bank of Iraq on its U.S. dollar transactions, the KRG Ministry of Finance and Economy announced on Monday.

According to the ministry, public employees in the Kurdistan Region who are currently registered with IDB will be contacted through the MyAccount service center and guided through the process of transferring their accounts to one of the other participating banks.

“The MyAccount initiative will continue to operate with seven authorized banks that fully comply with the guidelines and standards of the Central Bank of Iraq and can handle transactions in U.S. dollars, enabling beneficiaries to use their bank cards both inside and outside Iraq,” the ministry said in a statement.

The MyAccount initiative, officially announced by Kurdistan Region Prime Minister Masrour Barzani in February 2023, is a central component of the ninth cabinet's comprehensive reform strategy. It is designed not only to modernize banking but also to enhance financial inclusion, increase transparency, and streamline government operations.

The initiative has garnered international praise for its vision and execution. During a meeting in Erbil on August 31, the newly appointed U.S. Consul General, Wendy Green, specifically praised the KRG's reform efforts, highlighting the MyAccount digital initiative alongside the Runaki 24-hour electricity program as particularly significant achievements.

The initiative’s impact extends far beyond simple administrative efficiency, reaching deep into the fabric of public life and directly enhancing other critical sectors, most notably education.

On August 17, KRG Minister of Education Alan Hama Saeed identified the MyAccount initiative as one of three key government projects that are fundamentally revolutionizing the education sector. He described the previous salary distribution system as archaic and fraught with risk, where a school principal and other staff members would have to physically collect large sums of cash from a bank.

"Previously, a school principal and two other people would have to visit the bank and bring salary money in a sack. If the money was short, it would create problems for them," the minister explained. The MyAccount initiative has eliminated this precarious and inefficient practice, empowering educators with financial autonomy and security. "But now, the teachers have their own account and receive the salary themselves," he noted, framing it as one of the most impactful projects for the dignity and professionalism of the teaching workforce.

The successful implementation of MyAccount is a testament to the KRG's strategic planning and its commitment to meeting rigorous international standards.

The project adheres to strict financial regulations, excluding any sanctioned institutions, and requires participating banks to make substantial investments in their retail infrastructure, including the deployment of ATMs and Point of Sale (POS) devices, as well as enhancing customer service to ensure a seamless transition for all beneficiaries.

As the program continues to expand toward its goal of including over one million public sector employees and pensioners, it stands as a clear and powerful example of the KRG's forward-looking governance. By building a modern, transparent, and secure financial infrastructure, the "MyAccount" project is not only improving the daily lives of hundreds of thousands of citizens but is also laying a critical foundation for the Kurdistan Region's long-term economic stability and development.

On September 3, the Ministry of Finance and Economy announced that more than 900,000 public sector beneficiaries had registered for the MyAccount initiative.

For further information, citizens are encouraged to visit the official website at this link or contact the dedicated service center at 1991.