The Central Bank of Iraq refutes allegations that Iraqi banks are subject to international sanctions
The Central Bank announced the end of the first quarterly meetings for the year 2025 with the US Treasury and the US Federal Reserve, while refuting allegations that Iraqi banks were subject to international sanctions.
The bank stated in a statement that it “announces the end of the first quarterly meetings for the year 2025 with the US Treasury and the US Federal Reserve Bank, which were held in Dubai with the participation of international auditing and consulting firms (EY, K2 Integrity, Oliver Wyman). The meetings culminated in praise for the steps taken by the Central Bank of Iraq and the Iraqi government in reforming the banking sector, the most important of which were:
1- The development of the US dollar cash distribution system in Iraq, which they considered the most controlled and monitored system in the world, which limits manipulation and US dollar smuggling operations.
2- The qualitative shift in foreign transfer operations and the steps taken by the Central Bank of Iraq to address the risks arising from these operations, which have now risen to the levels of transfer operations carried out by international banks.
3- The consulting firms (EY and Oliver Wyman) reviewed the plans to reform and upgrade the public and private banking sectors in line with international standards and to facilitate the involvement of Iraqi banks in the international financial relations network.
The statement continued, “Since the operations carried out by banks operating in Iraq depend largely on the confidence of international correspondent banks in the Iraqi banking sector, we stress the need to ensure that the official channels of this bank are adopted to know the latest news and not to transmit incorrect news such as some Iraqi banks being subject to international sanctions and others.”
Burathanews.com