Economic Update – Baghdad
The Department of Government Integrity at Rafidain Bank has reported significant growth in electronic collection settlements for state accounts in the year 2024. The total amounts processed in 2024 exceeded 6.06 trillion Iraqi dinars.
According to the bank’s statement, the acceleration of collections through electronic payment systems demonstrates a remarkable advancement in the integration of digital solutions for managing government revenues. The total collections for 2024 reached over 6.06 trillion Iraqi dinars, marking a consistent increase throughout the year, especially highlighted by September 2024, when total settlements peaked at 838.5 billion dinars, representing an 11.12% growth from the previous month.
Entering 2025, the positive trend continued, with January’s collections amounting to approximately 707.5 billion dinars, followed by February at 689.2 billion dinars. This reflects a notable increase in the activation of the electronic collection system, as the number of operational departments rose to 1,808 by February 2025, up from 1,395 in December 2024.
Rafidain Bank emphasized that this impressive growth underscores the effectiveness of the government’s initiatives to advance digital transformation, thereby reducing reliance on cash transactions and enhancing transparency and financial efficiency. Furthermore, the electronic collection system serves as a critical component in improving revenue collection mechanisms and mitigating financial corruption risks.
In conclusion, this significant development aligns with the ongoing efforts of Rafidain Bank in collaboration with various governmental entities to foster the digital economy, build trust in electronic financial transactions, and increase the operational efficiency of Iraq’s financial sector.