The Iraqi Banking Conference, held in the Kurdistan Region, witnessed the presence of the Prime Minister of the Kurdistan Region, Masrour Barzani, and was graced by Ali Al-Alaq, the Governor of the Central Bank of Iraq, along with various bank directors from Iraq and the Kurdistan Region, representatives from Arab countries, and officials from both the federal government and the regional government.

During his speech at the conference, Prime Minister Masrour Barzani emphasized the significance of strengthening the banking system and discussed the plans of the ninth ministerial formation for establishing a robust banking infrastructure. He also highlighted the need for enhanced banking coordination and cooperation between the Kurdistan Region and the federal government.

In his address, Prime Minister Barzani spoke about the ongoing efforts and initiatives to reform the banking sector in the Kurdistan Region. These efforts aim to improve the livelihoods of the citizens, enhance the efficiency of financial services, and stimulate economic development.

Notable points from his speech included:

Improved Pension Processes: Starting next year, retirees in the Kurdistan Region will be able to deposit their pensions into their bank accounts on designated days, eliminating the need to wait in long lines.

Digital Financial Services: The government is working on modernizing financial transactions, allowing merchants to manage their banking accounts and conduct transactions online, reducing the need to carry large sums of cash.

Support for Private Sector Employees: The "My Account" project will register thousands of public sector employees under a banking system, and their accounts will be opened for receiving salaries. This initiative aims to make banking services accessible to a broader audience.

Expansion of Banking Services: The government encourages banks to expand their presence throughout Kurdistan, with plans to increase the ATM network tenfold within two years. Electronic payment devices will also be introduced in markets and stores across the region.

Enhancing Trust and Reducing Corruption: The government recognizes the limitations of the public sector banks and aims to reduce reliance on cash. This will help combat counterfeiting and money laundering, ultimately enhancing trust in the banking sector.

Support for Private Banks: The government is committed to providing support and assistance to private banks to improve their services, creating healthy competition within the sector.

Future Outlook: The government has selected five private banks for the "My Account" project based on clear criteria coordinated with the Central Bank of Iraq, with the hope of more banks joining the initiative in the future.

Prime Minister Barzani expressed his confidence that the participating banks will become the largest private banks in the country over the next five years. He thanked all parties and individuals for their support in this vital mission, particularly acknowledging Mr. Ali Al-Alaq, the Governor of the Central Bank, and his team for their guidance and support.

The Prime Minister emphasized that a strong and efficient banking system is essential for economic and commercial growth, as it provides a favorable environment for the prosperity of the people. The Kurdistan Regional Government is dedicated to working closely with the federal government to strengthen the banking sector and achieve broader economic development in the region.

The conference concluded with an optimistic outlook for the future, with the Prime Minister expressing hope that the event's discussions and recommendations would significantly advance the banking sector and the overall economic situation.