Erbil, Kurdistan Region - Kurdistan Regional Government (KRG) Prime Minister Masrour Barzani inaugurated the new head office of Cihan Bank in Erbil on Wednesday, calling for a standardized banking system across the region.

In his address, Barzani highlighted the pivotal role that banks play as the primary drivers of economic development and growth. He explained that while the KRG's financial reforms project is still in its preliminary stages, its ultimate goal is to digitize the public sector's payroll, benefiting 1.2 million civil servants. Additionally, the project aims to involve the private sector to ensure accessibility and convenience for everyone in the region.

The Prime Minister emphasized the commitment of the KRG's ninth cabinet to strengthening the economic infrastructure of the Kurdistan Region, with the banking system serving as a fundamental pillar for this development. He went on to express the government's determination to standardise the banking system across the region, highlighting collaboration between the KRG and the governor of the Iraqi Central Bank, who is cooperating to further enhance the Kurdistan Region’s banking system.

"A modern banking sector is the basis for our vision for a stronger Kurdistan," Barzani said. "Over the next two years, we will transfer 1.2m public sector beneficiaries to private banks and foster digital payments to promote economic growth."