Significant Developments in Sulaymaniyah’s Banking Sector
Sulaymaniyah, Iraq — Gharib Ahmed, Deputy of the Patriotic Union of Kurdistan, recently addressed the visit of Ali Al-Alaq, Governor of the Central Bank, to the city of Sulaymaniyah on February 19, 2025. During this visit, the opening of branches for Al-Rafidain and Al-Rashid banks was a focal point of discussion, which Ahmed hailed as a strategic initiative aimed at serving the financial needs of the local populace.
In an official statement, Ahmed emphasized the importance of this visit, noting it reflects the desires of the citizens of Sulaymaniyah and the broader Kurdistan region. He remarked, "The establishment of bank branches is a crucial step for ensuring timely payment of salaries to employees, aligning with the directives of the Federal Court. It also facilitates various financial transactions desired by the residents."
Ahmed further mentioned ongoing requests for additional branches of Al-Rafidain and Al-Rashid banks across other governorates in the Kurdistan region, including independent administrative areas such as Rabreen Faki Rani and Kermian.
This initiative is part of a broader context set forth by a recent Federal Court ruling that mandates the localization of salaries for Kurdistan region employees at authorized bank outlets or branches licensed by the Central Bank of Iraq.
The Deputy emphasized the potential economic benefits of these developments, stating, "This step will significantly promote financial stability and enhance access to necessary financial services for our citizens." Additionally, he reiterated the importance of fostering collaboration between the Central Bank of Iraq and the Kurdistan Regional Government to achieve these objectives.
The visit by Governor Al-Alaq to Sulaymaniyah is aimed specifically at inaugurating the new branches of Al-Rafidain and Al-Rashid banks, marking a significant enhancement of financial services in the region and addressing the growing needs of the community.
