After Meeting With The US Federal Reserve, The Central Bank Denies That Iraqi Banks Are Subject To Sanctions , 18 FEB

 After Meeting With The US Federal Reserve, The Central Bank Denies That Iraqi Banks Are Subject To Sanctions 

Economy |- 02/16/2025  Baghdad - Mawazine:  The Central Bank of Iraq denied the existence of international sanctions on some Iraqi banks, after media outlets circulated news about sanctions that included dozens of banks in the country.

The Central Bank stated in a statement received by "Mawazine", a copy of it, that "it announced 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 / United Arab Emirates with the participation of international auditing and consulting firms (EY, K2 Integrity, Oliver Wyman), and 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: the development of the cash distribution system for the US dollar in Iraq, which they considered the most controlled and controlled system in the world, which limits manipulation and smuggling of the US dollar,

 in addition to the qualitative shift in foreign transfer operations and the steps taken by the Central Bank of Iraq to address the risks resulting from these operations, which have now risen to the levels of transfer operations carried out by international banks.

The statement confirmed that the consulting firms (EY and Oliver Wyman) reviewed the plans to reform the government and private banking sector and upgrade them in line with international standards and to facilitate the involvement of Iraqi banks in the network of financial relations internationally."

The statement added: "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." https://www.mawazin.net/Details.aspx?jimare=259609