The Central Bank of Iraq (CBI) has announced a major step in transforming the country's financial system, aiming to end cash payments in all government and other institutions by July 2026.

Zirgham Musa, Director of Supervision over Non-Banking Financial Institutions at CBI, stated that the Central Bank has made significant progress in electronic payments within the framework of the law and under the direct supervision of Prime Minister Mohammed Shia al-Sudani and experts from other ministries.

Electronic Payments Expand Nationwide

“Trillions of dinars have been paid electronically, and cash transactions have been completely stopped in the departments of the Ministry of Interior. Several initiatives are underway to encourage other state institutions to adopt the electronic payment system,” Musa noted.

Full Transition Expected Next Year

The Director said that multiple initiatives aim to bring all state institutions into the electronic payment framework, and the complete transition from cash transactions in state and other institutions is expected to be finalized by July next year.

This initiative is part of the government’s broader efforts to modernize the financial system and fully implement electronic payments.