Iraq Agrees To Open Another Bank In The US To Establish Relations With Its Banks In Transfer Operations.
economy | 10:43 - 04/26/2025 Mawazine News – Baghdad The Governor of the Central Bank of Iraq, Ali Al-Alaq, revealed an agreement to establish another bank in the United States to establish relationships with Iraqi banks in money transfer operations.
The Governor of the Central Bank of Iraq said in an interview followed by (Mawazine News) that he "has begun working on developing a plan to issue cards for small merchants, after completing consultations with companies, so as to accommodate the requests of merchants - a large class in Iraq - to cover their foreign trade without passing through long paths, so that transfers are carried out directly, which will create a major shift in accommodating merchants who do not use the official methods of transfers."
He noted that the Central Bank of Iraq, in agreement and consultation with the Treasury and the Federal Reserve, has completed the organization of cash dollar sales operations, and that they are now "in an ideal position, by their own testimony."
He described foreign commercial transfers as "progressing smoothly, as we have expanded the network of correspondent banks abroad in the US and elsewhere. An agreement was also reached to open another bank in the US to establish relationships with Iraqi banks in transfer operations."
Regarding Iraqi banks barred from dealing in dollars, Al-Alaq said, "They will have to meet requirements related to ownership, compliance, money laundering, governance, and banking services in order to resume their normal operations."
He explained that these banks "were not subject to sanctions and are not included on the sanctions list, but due to observations about foreign transfers, they were stopped from using the dollar in transactions only."
He pointed out that a comprehensive plan was launched, which includes the criteria and conditions required to correct the situation of these banks to avoid such problems, after a full year of work on it.
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