About the Company

Establishment

The Iraqi Banking Services Company was established under Companies Law No. 22 of 1997 (as amended) and began operations in Iraq in 2001 with a capital of IQD 750,000,000 (seven hundred fifty million dinars). Our company is the only public-sector company specialized in currency transport in Iraq, carrying out the transport of Iraqi and foreign cash, securities, and precious materials such as gold and silver.

Our Objectives and Principles

We are committed to excellence, integrity, and customer satisfaction. Our values guide our decisions and actions.

Our Services

Economy

The company's goal is to contribute to supporting the national economy in the field of specialized transport and banking services, within the framework of economic, financial and monetary policy, achieving the state's objectives and raising the level of national economic performance in line with the goals of the development plan.

Security

The company owns a fleet of armored vehicles for currency transport and armored escort vehicles of high technical specifications. Its management has taken all precautionary measures to support the transport process by linking its vehicles to a GPS vehicle-tracking system since 2017, in addition to coordinating with the Ministry of Interior and requesting to be supplied with the (Cypora) system, to safeguard the public funds that the company's convoys transport to all governmental and private banks and to all state ministries and departments, inside and outside Baghdad Province.

Activities

The company continues to seek to expand its activity, achieved by contracting with the monetary institution represented by the Central Bank since 2019.

Our Technology and Innovation

(1)  Global Positioning System (GPS) vehicle-tracking system

(2)  E-Governance

(3)  Government Mail System

(4)  Secured Documents Platform (eliminating authentication-of-issuance transactions)

(5)  Official email for all departments and branches with the Ministry of Finance  @mof.gov.iq

(6)  An intranet service project connecting all provincial branches to the company's headquarters in Baghdad

The Company's Board of Directors

The company is managed by a Director-General holding at least a bachelor's degree, with relevant experience and specialization, appointed by a decision of the Council of Ministers. He is the company's highest authority and Chairman of the Board of Directors, and performs all work necessary to manage the company and conduct its activity within the powers delegated to him by the Board. Pursuant to Article (5) of the company's internal regulations, the Board of Directors sets the administrative, financial, organizational and technical policies and plans needed to achieve the company's objectives and activity, supervises and follows up their implementation, and exercises all related rights and powers.

The Board of Directors undertakes the following tasks:

1.  Approving the planning budget and staffing schedule a suitable period before the start of the financial year.

2.  Ratifying the final accounts and the company's annual general budget.

3.  Proposing the company's service rules and instructions.

4.  Proposing the opening of branches inside and outside Iraq, their closure, or merging some with others.

5.  Determining the administrative and financial powers of the Director-General.

6.  Setting the terms and limits of contracts with entities contracting with the company for related work.

7.  Proposing the creation, merger, or abolition of the company's departments and divisions.

8.  Approving the price schedule for the operations the company performs.

9.  Granting bonuses, in-kind gifts, and financial subsidies to employees within the legally defined powers.

10.  Proposing and amending the production-incentive system for employees, counted as part of production costs.

11.  Proposing amendments to the company's internal regulations.

The Company's Assets

Article (4) of the company's Internal Regulations No. (2) of 2001 stipulates that, to achieve its tasks and activities, the company may own movable and immovable property of all kinds, such as specialized and ordinary means of transport, including:

•  Armored vehicles dedicated to currency transport with 3-ton and 6-ton capacities, in addition to escort vehicles to protect public funds and used to transport Ministry of Interior personnel (officers and staff), as well as four-wheel-drive vehicles.

Ownership of buildings and land:

•  Property No. (323/83 Bataween) located in Baghdad — the company's head office.

•  Property No. (12/47 m²) located in Baghdad near the Ministry of Finance, housing the Engineering Department / Vehicle Maintenance Division and Building Maintenance Division.

•  Property No. (46/1 m²) located in Baghdad — Al-Zafaraniya.

•  Property No. (159/40 Al-Kazaza) located in Basra Province (the company's branch in Basra Province).

Company Branches

The Iraqi Banking Services Company operates a number of branches distributed across the provinces of Iraq:

•  Basra Branch: Opened in 2012, it provides services to all governmental and private banks and all state departments in the southern-region provinces.

•  Middle Euphrates Branch: Opened in 2019, it provides services to all Middle Euphrates provinces.

•  Mosul Branch (Nineveh): Opened in 2018, it provides services to the liberated provinces. It was established pursuant to the recommendations of the General Secretariat of the Council of Ministers / Office of the Secretary-General, ref. (M Kh S 42/00036) dated 4/1/2018, to provide banking services.

The Company's Administrative Structure (Departments & Divisions)

Legal Department

Prepares legal studies, provides opinions on the laws and regulations related to the company's work, offers legal consultations, and concludes contracts with entities wishing to transport cash and valuables.

Internal Audit and Control Department

Maintains effective control over the company's funds, carrying out its activities under programs that cover all required control systems.

Administrative Department

Manages personnel affairs in accordance with applicable laws, decisions, and service rules — including appointing and training staff, granting annual increments and promotions, issuing orders on penalties, reappointment and service addition, disbursing long-service and end-of-service benefits, and handling administrative affairs.

Transport Services Department

Receives transport requests from requesting entities, coordinates the movement of vehicles for transporting cash and valuables, and organizes the related schedules and appointments.

Finance Department

Organizes matters related to the company's accounts, applies the unified accounting system, prepares the final accounts, general budget and annual profit-and-loss statement, prepares planning budgets, and insures the company's assets and its cash-and-valuables transport operations.

IT (Computer) Department

Equips the company with the computer network needed for its work and maintains it, generates reports of various kinds, automates and updates the company's activities, trains its staff, and performs any duties assigned to it.

Government Media and Communication Unit

Headed by an experienced, specialized employee holding at least a bachelor's degree; it holds ceremonies, organizes festivals, receives delegations, and carries out any task related to the media aspect of the company's activity, reporting to the Director-General.

Engineering Department

All mechanical technicians and engineers specialized in electrical, mechanical, architectural and civil fields are assigned to this department and distributed to its two divisions, each according to their specialization.

Quality Management Division

Works to spread a culture of total quality and raise awareness of the systems, including by creating an information board displaying the company's Mission, Vision and Objectives.

Governmental & Private Entities Contracting with the Company

Amounts Transported — Head Office / Baghdad, 2025 vs. Annual Plan

• Iraqi Dinar execution rate against the 2025 plan:  141%

• US Dollar execution rate against the 2025 plan:  35%