The Kurdistan Region will establish a bank and link it to the Iraqi and International banks

The Director General of Commercial Banks in the Kurdistan Region, Mouloud Saber, confirmed on Friday that the opening of the Nishtiman Bank will contribute to the development of banking work in the region, in addition to that it will limit the rise in the exchange rate of the dollar against the dinar in the local markets in Kurdistan.

Saber said, in an interview conducted with him by the official website of the regional government and published today, that the work of establishing the Nishtiman Bank in the region has been completed, with a capital of approximately 250 billion dinars, with the deposit of 25 billion dinars in cash in the account of the Central Bank of Iraq / Erbil branch, adding that what is left is only obtaining a license from the Central Bank to conduct business.

Regarding the benefits of this bank, the banking official said that if we obtain permission from the Central Bank of Iraq to work, then all the work of that bank in terms of regulations and laws will be carried out by the Nishtiman Bank.

Saber counted a number of other benefits that will be achieved in the banking system in the region after the start of the Nishtiman Bank's activity, most notably opening the door for Kurdistan banks to be regular. And dealing with international banks that do not deal with the region at the present time. He also pointed out that there are 94 banks in the Kurdistan Region, and by opening the Nishtiman Bank, the number of employees working in the banking sector will decrease, and the Nishtiman Bank will be a door for investors and create confidence for foreign investors.

He stated that 500 million dollars of oil money is spent monthly through private banks on employee salaries, and that the Nishtiman Bank will solve this matter.

The banking official continued, "Now the value of the dollar is rising daily, and he added that the reason is that the Central Bank puts a small percentage of dollars into the market, and if we become a member of this bank and obtain a license under the law, then it will give us a percentage of the dollar, and we will put it in the market in the Kurdistan Region."

He continued by saying that "obtaining the dollar from the Central Bank of Iraq, and putting it on the market in the region will lead to a decrease in the exchange rate”.

And the Kurdistan Regional Government had announced, on August 12 of the year 2022, that the steps to establish the Nishtiman Bank in the region had reached their final stages, after the completion of most of the work related to this project.