Confirming compliance with Federal Court mandates
Trade Bank of Iraq clarifies salary disbursement procedures
NEWSROOM – The Trade Bank of Iraq (TBI) issued a statement on May 14 addressing inquiries regarding the disbursement of salaries to employees in the region.
Confirming its adherence to the TBI underscored its commitment to complying with legal obligations set forth by the Federal Supreme Court’s ruling, which mandates federal banks to process salary payments for Kurdistan’s civil servants and salary receivers.
The statement came amidst ongoing plans by the Kurdistan Regional Government (KRG) to launch its own salary domiciliation program known as My Account. Debates have arisen regarding the integration of the KRG and federal salary domiciliation programs.
A senior KRG official overseeing the salary domiciliation program recently suggested on social media that TBI was included in the My Account program.
However, a representative from the bank clarified that it has not been confirmed whether the payroll process is part of the MyAccount project. The representative added, “We are waiting for the Kurdistan Regional Government to send us the names of the employees whose salaries are processed by us.”
Meanwhile, Soran Omar, a member of the Iraqi Parliament, said he had directed questions to the Iraqi Finance Minister regarding whether KRG salaries were being approved under the “My Account” system or outside it. Omar has sought clarification on several issues, including whether the TBI processes payments according to Federal Supreme Court decisions and whether private banks are also involved in this initiative. He said he anticipates receiving answers to these inquiries soon.
The KRG’s My Account program predominantly includes private banks approved by the Central Bank of Iraq to operate in the country.
The Iraqi Ministry of Finance agreed today to release funds to the KRG for the payment of salaries to its employees, pensioners, and welfare benefit recipients for the month of April following weeks of back and forth with Kurdish authorities over salary lists.
