Shalaw Kosrat Rasul: National Bank is Solution, Not 'My Account'

PUKMEDIA

Shalaw Kosrat Rasul.

Shalaw Kosrat Rasul has posted a message on his Facebook account in which he talks about 'My Account' project and strongly criticises it, while emphasising that creating a national bank in the Kurdistan Region is the solution.

Shalaw Kosrat Rasul stated in his message: "We believe that the fundamental and appropriate solution to this issue is to propose a comprehensive project aimed at establishing a national bank in the Kurdistan Region as this is an important matter that will help to resolve existing issues. Moreover, this proposal has a legal basis because it was addressed by the Central Bank of Iraq Decision No. 66 of 2008. This decision grants the Kurdistan Region the authority to establish a national bank that is a simplified version of the Central Bank of Iraq in the Kurdistan Region."

He also stated: "So far, the delay in the banking salary payment process has been the primary reason for the non-payment of salaries in the Kurdistan Region."

He continued: "The banking of salaries for employees in the Kurdistan Region and the persistence of the Kurdistan Regional Government (KRG) to use 'My Account' for this purpose, despite prior rejection by both local authorities in the Kurdistan Region and Iraqi federal government and institutions, including the Iraqi Supreme Federal Court, has also generated significant controversy, protests, and rejection of the project. However, the KRG's insistence on using 'My Account' (the cash register system) has significantly exacerbated this issue, with salaried employees in the Kurdistan Region bearing the consequences."

He further added: "Rather than suggesting the 'My Account' project and exacerbating tensions between Baghdad and the Kurdistan Region, the KRG can develop a more appropriate proposal and solution that not only meets the federal government's requirements but also serves the salaried workers of the Kurdistan Region."

Rasul stressed that the national bank is the solution for the following reasons: 

1. Consolidating all public and commercial banks in the Kurdistan Region into one bank, which will be a crucial component of Iraq's monetary policy strategies.

2. Digitalises the banking system of the Kurdistan Region.

3. Benefiting from all financial entitlements decided by Baghdad.

4. Benefiting from housing, industrial, and agricultural advances and loans.

5. Supplying dollars to the markets in the Kurdistan Region at the same price as the Central Bank of Iraq and establishing an online platform for consumers to place dollar orders.

6. Establishing a global banking infrastructure in the Kurdistan Region to enable direct international transactions facilitated by JPMorgan, Citigroup, and other international financial institutions.

7. Restores the confidence of citizens, businesses, and investors.

8. Establishment of the KRG's membership in the Central Bank of Iraq.

9. This bank would facilitate the seamless transfer of the budget and financial entitlements of the Kurdistan Region, particularly the salaries of employees.

10. It mitigates waste and money laundering and systematically documents income and expenses, therefore minimising the likelihood of corruption and administrative misconduct.

11. Opting to deposit with the National Bank instead of private banks entails directing the funds intended for employee salaries from private banks to the National Bank.

Shalaw Kosrat Rasul emphasised that the KRG should prioritise improving its financial and banking institutions over private banks. He emphasised that the 'My Account' project will primarily benefit private banks while weakening the position of government banks.



PUKMEDIA