AM:11:09:28/10/2025
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The Central Bank of Iraq (CBI) is moving toward ending reliance on cash as part of its financial reform plan and expects electronic payment transactions to reach $60 billion by 2035.
CBI spokesman Ala Fahd told Al-Sabah newspaper on Tuesday that the printing of currency has significantly decreased due to the rapid expansion of electronic payments.
He said the central bank, in cooperation with international consulting firm Oliver Wyman, is implementing a comprehensive banking reform plan that aims to strengthen digital finance and reduce the use of paper money.
According to Fahd, electronic payments in Iraq have grown rapidly over the past three years, with more than 22 million debit cards issued and more than 75,000 ATMs imported to expand financial accessibility across the country.