Informed sources revealed that three electronic payment service companies will be banned from dealing in dollars.
Reuters quoted the sources as saying that “three companies will be banned.”Services Electronic payment in Iraq From dealing in dollars.
This came after Iraqi banking sources revealed Quoted According to diplomats working in Baghdad, new sanctions will be issued against 5 Iraqi banks that violated international standards and some of which transferred funds to illegal entities, while the Central Bank denied the veracity of this news.
The sources reported in a news report that I followed up on. Sumerian News, “The sanctions will include bank owners after at least one of the five banks was accused of working entirely for the benefit of One of Armed factions in Iraq.
It was later published that the five banks included in the measures are Misk Bank, Al-Sanam Bank, Al-Muttahid Bank, Al-Amin Bank, and Al-Mashreq Bank.
After including the five banks in the sanctions, 34 out of 44 private banks will be in Iraq It has been included in the sanctions to keep 5 Iraqi banks operating in
Iraq In addition to 5 other Iraqi banks operating with Arab and foreign capital.. the total number of banks operating in Iraq 10 banks, in addition to other government banks, namely Rafidain Bank, Rashid Bank, Trade Bank of Iraq, and other specialized banks such as agricultural, industrial, and others. LINK
A military Intel contact said they (allegedly) released everything for the Global Currency Reset at 3pm PDT on Tues. 11 Feb. 2025 to start the shotgun release of liquidity & notifications over next 72 hours for the lower levels / tiers including Tier4B.
February 16, 2025 Baghdad - Ibtihal Al Arabi The meeting of the Central Bank of Iraq with the American side and international auditing companies resulted in positive results, denying that some Iraqi banks were subject to international sanctions. A statement received by Al-Zaman yesterday said that (the first quarterly meetings of the current year, with the US Treasury Department and the US Federal Reserve Bank,
which were held in the United Arab Emirates with the participation of international auditing and consulting companies, were crowned with praise for the steps taken by the bank and the government in reforming the banking sector),
and continued that (the most important of these reforms is 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),
appreciating (the qualitative shift in foreign transfer operations and the steps taken by the Central Bank to address the risks resulting from these operations, which have now risen to the levels of transfer operations carried out by international banks),
and pointed out that (the consulting companies reviewed the plans to reform the government and private banking sector and upgrade them in a manner consistent with international standards and facilitating the involvement of Iraqi banks in the network of financial relations internationally),
and the statement went on to say that (the operations carried out by banks operating in Iraq depend largely on the confidence of international correspondent banks in the Iraqi banking sector,
and we emphasize the need to ensure the adoption of official channels for this The bank to know the latest news and not to transmit incorrect information such as some Iraqi banks being subject to international sanctions and others).
An economic expert revealed that 34 out of 44 banks are now under US sanctions, which constitutes a major crisis in the local banking sector.
The expert, Munir Al-Obaidi, explained in a statement received by (Al-Zaman) yesterday that (34 out of 44 banks are now under US sanctions, which constitutes a major crisis in the local banking sector), adding (the remaining 10 banks are distributed as follows: five of them have foreign capital, two are affiliated with the Kurdistan Region, and only three banks remain entirely Iraqi).
Meanwhile, the Central Bank of Iraq gave banks operating in the country that do not have an account in a bank that deals directly with the American bank, JP Morgan, a deadline of June to settle their electronic payments, threatening to stop them if they do not comply with the decision.
Mustafa Hantoush, a researcher in economic and banking affairs, said in a statement yesterday that (if this decision is implemented, it will lead to limiting the dealings of electronic payment companies in Iraq to Jordanian and Gulf banks, which currently dominate the currency auction with the support of the Central Bank of Iraq),
noting that (electronic payment companies will be forced to open accounts in banks that have dealings with JP Morgan and Citibank, in exchange for closing their accounts in Iraqi banks, whether they are sanctioned or not, which may affect the local banking sector), and Hantoush renewed his call to (reconsider the standards of the Central Bank of Iraq related to building local banks),
stressing (the need to strengthen and develop them to face the challenges resulting from these decisions), and he continued that (so far, the bank’s management has not issued any official statement confirming or denying the validity of this news, which leaves the door open to speculation about the impact of the decision on the banking system in Iraq and its relationship with international banks). LINK
Two international banks will join the Kurdistan Region’s “My Account” financial initiative in the next few weeks, Deputy Chief of Staff to the KRG Prime Minister Aziz Ahmad announced, calling it a strong endorsement of the program.
The announcement comes amid growing restrictions on Iraqi banks’ access to US dollars, but Ahmad emphasized that banks participating in “My Account” remain unaffected due to strict financial and compliance checks.
: KRG
