ERBIL — The Kurdistan Regional Government’s (KRG) financial inclusion initiative, ‘MyAccount’, remains unaffected by the recent US dollar transaction ban imposed on several Iraqi banks, according to Aziz Ahmad, Deputy Director of the Office of the Prime Minister of the Kurdistan Region.

Ahmad made the remarks on Sunday, stating that banks participating in the ‘MyAccount’ program undergo strict financial and compliance checks before joining, ensuring their stability and adherence to Central Bank of Iraq (CBI) regulations.

“We have seen the news about more Iraqi banks being banned from accessing the dollar — meaning their customers can’t use their cards abroad, among other things,” Ahmad wrote on X, adding that ‘MyAccount’ banks remain unaffected.

He also revealed that two international banks are set to join the initiative in the coming weeks, bringing the total number of participating banks to eight.

Meanwhile, the CBI confirmed on Sunday that it held meetings with the US Treasury Department to discuss steps taken by the Iraqi government to reform the banking sector. 

As part of these efforts, five more banks—Mashreq Al-Arabiya Islamic Bank, Al-Mutahid Investment Bank, Al-Sanam Islamic Bank, Musk Islamic Bank, and Amin Al-Iraq Islamic Bank—were banned from conducting transactions in US dollars.

The move follows a similar action last year when eight Iraqi banks were prohibited from engaging in dollar transactions, as part of efforts to combat money laundering and illicit financial activities.