South Korea announces signing of $93.7 million contract with Iraq to purchase aircraft
South Korea’s Yonhap News Agency reported on Tuesday that Korea Aerospace Industries has signed a $93.7 million deal with Iraq to export Suriyon KHUH-1 helicopters.
The report, translated by Al-Maalouma Agency, stated that “under the deal, Korea Aerospace Industries (KAI) will provide helicopters to the Iraqi government, with the aircraft scheduled to be delivered in March 2025, according to the company’s regulatory filings.”
The report added that “the K-12 helicopters, known as Suryon, are a medium-sized type of helicopter that entered service with the South Korean army in 2012,” indicating that “there are more than 200 helicopters of this type in the South Korean army, which carry out various operations, including air attack missions and air cargo transport.”
The report indicated that “the company did not mention in its statement the number of helicopters that will be delivered to Iraq, the cost of each helicopter, whether the helicopters will be delivered supported by weapons, or the type of ammunition used with them.”
Iraq had previously signed a $1.1 billion deal to purchase 24 modern F-50 fighter jets from South Korea. Iraq also purchased from South Korea a $2.78 billion deal to export the Cheongung-II air defense system. The Cheongung-II battery consists of four mobile missile launchers, each carrying eight missile launch tubes, a multi-function radar, and a command and control center.
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The Ministerial Council discusses the use of electronic payment for all economic activities in the country
The Ministerial Council for Economy discussed the use of electronic payment for all economic activities in the country.
The media office of the council stated in a statement that “Deputy Prime Minister and Minister of Foreign Affairs Fuad Hussein chaired the thirty-ninth session of the Ministerial Council for the Economy, which was held in the council building, in the presence of the Deputy Prime Minister and Minister of Planning, the Ministers of Finance, Agriculture, Trade, Labor and Social Affairs, the Secretary-General of the Council of Ministers, the Governor of the Central Bank of Iraq, the Deputy Chairman of the National Investment Commission, and the Prime Minister’s Advisors for Economic and Legal Affairs.”
The statement added, “The Council discussed the items on its agenda and took the necessary decisions regarding them.”
He explained that “the Council hosted the Director General of Payments at the Central Bank of Iraq to discuss and evaluate the mechanisms for implementing the Cabinet’s decision to move towards using electronic payment instead of cash, for all state institutions and the public and private sectors, and to study and expand this experience to include all economic activities throughout Iraq.”
The statement indicated that “the Council also discussed the working paper submitted by some members of the Council on the financial and monetary policy in Iraq, and the means to develop the economy, maximize revenues, and take the necessary measures to confront economic challenges, in light of the political changes witnessed by the region, by diversifying sources of income and not relying entirely on oil imports, for the sake of stability and sustainability of the economy in Iraq.”
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CBI Governor: We Issued Regulations for Licensing Digital Banks in Iraq
Speaking at the Fourth Annual International Scientific Conference, titled “Digital Financial Services – Challenges of Reality and Future Prospects” attended by The reporter of Iraqi News Agency (INA), Al-Alaq stated, “The conference was organized in partnership between the Financial and Accounting Center and several universities and academic institutions. It aims to discuss advancements in digital financial services, the challenges faced, and to anticipate the future of this vital sector.”
He added, “Since the late 18th century, the world has witnessed four major inventions that reshaped its course. These include the steam engine, electricity and mass production, the mid-20th century revolution in electronics and information technology, and, since 2000, developments centered on artificial intelligence, the internet, robotics, and big data.”
Al-Alaq emphasized that “the Central Bank has prioritized digital transformation as one of its core objectives within its third strategic plan (2014–2026). This plan seeks to enhance banking efficiency, improve financial performance, and meet customer needs in light of rapid technological advancements.”
He noted that the Central Bank has taken significant strides to support digital transformation by upgrading technological infrastructure and issuing regulations that enhance financial inclusion. Strategic initiatives have been launched, including the Immediate Payments Project, local card systems, unified payment gateways, and, notably, issuing regulations for licensing digital banks in Iraq, all while ensuring cybersecurity and addressing risks associated with this shift.
The Governor stressed the importance of the conference’s goals, which include identifying current challenges in digital financial services, forecasting future trends, fostering innovation, and promoting collaboration among stakeholders. “These goals underscore the pressing need for joint efforts,” he remarked.
Al-Alaq also highlighted cybersecurity as a critical challenge, explaining that “the Central Bank has launched projects to strengthen cybersecurity by developing tools and systems for its Cybersecurity Management Center and adopting advanced approaches to safeguard the bank and the broader banking sector.”
He concluded by underscoring the growing role of artificial intelligence in digitizing financial services.
“AI opens new horizons for innovation and service improvement. At the Central Bank of Iraq, we believe financial technology is shaping the future of the financial sector. This necessitates concerted efforts to prepare national cadres capable of understanding and advancing these technologies,”
He reaffirmed the Central Bank’s commitment to driving digital financial transformation while promoting innovation and sustainability in the financial sector.
Iraq advances digital transformation to boost financial efficiency and economic diversification
The Iraqi Ministry of Finance has announced significant strides in digital transformation and electronic payment systems, marking a pivotal step toward enhancing financial efficiency and reducing dependency on cash transactions. The ministry also reported progress in automating customs procedures to ensure financial sustainability and diversify the national economy.
Speaking at the Fourth Annual International Scientific Conference, titled “Digital Financial Services: Challenges and Future Prospects,” the Ministry’s representative, Deputy Minister Ribaz Mohammed Hamdan, emphasized that digital financial services have undergone rapid development in recent years, driven by cutting-edge technology that has revolutionized financial processes.
“The ministry has achieved major milestones in digital transformation, including online financial transfers, electronic payments, internet-based loan services, and mobile banking. These advancements have accelerated financial transactions, minimized reliance on cash, and extended services to individuals previously excluded from traditional banking systems,” Hamdan noted.
He also highlighted the ministry’s commitment to fostering innovation and collaboration in financial technology while addressing key challenges such as cybersecurity risks. Discussions during the conference explored solutions for enhancing security measures and mitigating future risks in the sector.
Additionally, the ministry has made significant progress in automating customs procedures, promoting integrity, transparency, and anti-corruption measures. Training programs at the Financial and Accounting Training Center are equipping employees with the skills needed to utilize the new digital systems, aiming to improve financial performance, enhance public trust in the financial system, and support Iraq’s broader economic goals.
