Scientific Visit by the Business Administration Department to the Central Bank of Iraq

On Wednesday, 19 November 2025, a group of students from the Business Administration Department at Cihan University–Erbil conducted a scientific visit to the Central Bank of Iraq, Kurdistan Region Branch – Erbil.

The students, representing different academic stages in the Business Administration Department and supervised by Assistant Lecturer Hevi Mohammed Qadir, were warmly received by Ali Jalil Jalal, Assistant Director of Training and Development. Ms. Raghda Louis Francis, Director of Training and Development, then provided a brief explanation of banking operations. She clarified that the Central Bank of Iraq – Kurdistan Region Branch deals exclusively with other banks and emphasized its vital role in maintaining the value of the Iraqi dinar, supporting development projects by providing loans to banks, and thereby contributing to reduced unemployment rates and economic growth.

During the visit, students toured the Fund Department, where Sarang Waleed Haji, Director of the Fund Department, explained that every bank maintains its own account and that the Central Bank handles funds in billions rather than millions. He also described the currency counting process and how counterfeit, damaged, or worn-out notes are detected and sorted. He noted that when counterfeit notes are deposited, a 5% fine is imposed regardless of whether the depositor is aware of the counterfeit currency. Additionally, he explained the Central Bank’s collaboration with government directorates.

Next, the students visited the Accounting Department. Azad Abbas Anwar, Director of Accounting, described the department’s role in salary disbursement and financial clarifications regarding expenses and purchases. He explained that a five-member committee oversees expenditures. For example, if a request is made to purchase equipment, the committee reviews the request: any remaining funds from a lower-than-expected purchase are returned to the bank, while any excess cost is covered. He also highlighted that the ICBS banking system is utilized in all accounting processes.

The scientific visit offered students the opportunity to ask questions and gain insight into banking operations, financial transactions, and the various responsibilities within banks. The supervising lecturer expressed gratitude to the bank staff for providing this valuable learning experience.