Central Bank of Iraq: Committed to Meeting Dollar Demand, Advancing Banking Reforms

The Central Bank of Iraq announced on Monday that the process of reintegrating banks restricted from dealing in US dollars for external transfers has reached its final stages. The Bank reaffirmed its commitment to meeting the demand for the American currency in line with established controls and standards. The Bank clarified it continues to execute its reform program in coordination with relevant international institutions. This initiative aims to enhance monetary and financial stability, develop the banking sector, and improve its integration into the global financial system. It highlighted the completion of necessary requirements and procedures for readmitting several banks previously restricted from dollar foreign transfers. This follows their fulfillment of reform conditions, regulatory and technical standards, alongside strengthened anti-money laundering and counter-terrorism financing measures. The Bank noted this file is now in its final phase, paving the way for gradual and organized reintegration. Furthermore, the Bank has finalized technical and procedural requirements to raise the limits for electronic payment cards issued to companies and commercial entities. This move seeks to expand digital financial services and foster greater financial inclusion. Concerning the currency market, the Central Bank affirmed its dedication to covering the legitimate US dollar needs of both public and private sectors. This commitment is underpinned by strong foreign reserves and effective monetary tools, with a strong emphasis on full compliance with anti-money laundering and counter-terrorism financing standards. The Bank emphasized that these actions form part of a comprehensive reform program designed to bolster confidence in the Iraqi banking sector, support financial and monetary stability, and contribute to sustainable economic development.