Shafaq News/ The Central Bank of Iraq (CBI) plans to introduce a digital currency as part of its broader financial modernization efforts, Governor Ali Al-Alaq revealed on Wednesday.

Speaking at the 9th Finance and Banking Services Conference and Exhibition, Al-Alaq emphasized the shift toward digital transactions. “The banking sector will undergo fundamental changes, including a gradual decline of paper currency in favor of central bank digital payments,” he noted.

“The Central Bank of Iraq (CBI) is developing its own digital currency in line with global financial trends,” Al-Alaq explained, adding that efforts are underway to establish a national data center to support the country’s broader push toward digital finance.

“We are taking concrete steps toward digital transformation.”