Central Bank Confirms: Banking Sector Free of International Sanctions, Currency in Circulation Exceeds 100 Trillion Dinars

The Governor of the Central Bank, Nizar Nasser Hussein, confirmed on Sunday that there are no international sanctions imposed on the country's banking sector. He also indicated that the issued monetary mass stands at 107 trillion dinars. Hussein's remarks came during a discussion with a group of economic specialists, where he clarified that the banking sector reform process is ongoing in coordination with Oliver Wyman consulting firm, affirming that the era of international sanctions on banks has concluded. Hussein emphasized the Central Bank's significant international trust. He revealed that seven banks are expected to soon commence operations using non-dollar currencies, following authorization. Regarding depositors' funds, the Governor stated that the majority of funds in Al-Taif Bank are guaranteed, and the Central Bank would intervene if any deficit occurs. He pointed out that the country's investments are directed towards the United States, considering it a safe haven and the only country that has granted Iraq immunity, cautioning against significant risks of investing in other nations. Hussein further elaborated that the issued monetary mass amounts to 107 trillion dinars, with approximately 40 trillion dinars currently in circulation in the markets. He mentioned that currency alteration falls within the Central Bank's prerogatives, but clarified that the step of removing zeros requires legislation from the Council of Representatives. He concluded by stressing that the current government is managed with a private sector mindset, and that the media plays a vital role in enhancing Iraq's international image. He also noted the launch of new lending initiatives to support crucial and vital projects.