Iraq steps up digital transformation of banking and customs

Iraq’s Finance Minister Falih Sari and Central Bank Governor Nizar Nasser Hussein discussing during the meeting. Baghdad (IraqiNews.com) — Iraq is speeding up preparations to digitize its financial and customs systems, with Finance Minister Falih Sari and Central Bank Governor Nizar Nasser Hussein considering tighter integration of electronic payments, customs processes, and government financial data. The conference, which included members from the United Nations Conference on Trade and Development (UNCTAD), aimed to accelerate electronic linkages between Iraq’s customs and payment systems. Sari urged authorities to speed up implementation as part of measures to modernize financial management, streamline trade processes, and create a more efficient environment for companies and investors. The talks also focused on increasing cooperation between fiscal and monetary agencies, including digital data interchange and upgrading Iraq’s banking infrastructure, while maintaining financial stability and meeting government financial responsibilities. The revisions are part of Iraq’s larger transition from cash-heavy and paper-based institutions to a more integrated digital financial infrastructure. Baghdad sees modernization of banking, payments, and customs as more crucial as the government strives to bring its financial system closer to international norms, increase transparency, and make it simpler for Iraqi and foreign enterprises to do business. The drive also supports broader banking changes in Iraq, as the government seeks deeper connectivity with the international financial system and encourages private sector development.