The Kurdistan Regional Government (KRG) has accelerated efforts to establish Nîşitîman Bank, a new financial institution aimed at improving transparency, modernizing banking services, and supporting economic reforms across the Kurdistan Region.
During a high-level meeting, KRG Minister of Finance and Economy Awat Sheikh Janab instructed the bank’s supervisory committee and board of directors to speed up all remaining legal and technical procedures. Officials hope the bank will begin operations in the near future.
The meeting also included Abdulhakim Khusraw and other senior officials involved in the project. According to the Ministry of Finance and Economy, Nîşitîman Bank has already received an establishment license from the Central Bank of Iraq.
Officials stated that the project is part of the KRG’s broader effort to modernize the financial sector and enhance institutional governance. The government believes the new bank will improve public confidence and align regional banking systems with federal standards.
During the meeting, officials confirmed that the bank secured a headquarters building in Erbil. They also reported progress in organizing the board of directors and developing the bank’s administrative, financial, and electronic systems.
Minister Janab described the bank as an important national project for the Kurdistan Region. He said the institution would support transparency and contribute to the success of the government’s reform agenda.
The KRG plans to establish branches across all provinces and independent administrations in the Kurdistan Region. Once operational, the bank will provide services for citizens, public employees, and businesses.
The project also reflects the KRG’s broader push toward digitization. Officials aim to replace older cash-based procedures with modern electronic systems that improve efficiency and accountability.
At the same time, the KRG continues working on wider banking reforms. The government is restructuring 28 specialized banks into a more centralized financial network.
Officials believe Nîşitîman Bank will strengthen investor confidence, improve financial access, and support long-term economic stability throughout the Kurdistan Region.
