The Central Bank of Iraq has officially announced the outcomes of its recent discussions with the US Treasury Department and the Federal Reserve.
In a released statement, the Central Bank indicated that the inaugural quarterly meetings of 2025 were conducted in Dubai, involving prominent international audit and consulting firms, including EY, K2 Integrity, and Oliver Wyman. These discussions concluded successfully, receiving commendations for the measures undertaken by the Central Bank and the Iraqi government in banking sector reform.
Highlights of the meetings included significant advancements in the monetary distribution system for the US dollar within Iraq, characterized as one of the most regulated frameworks globally, effectively curbing currency manipulation and smuggling activities.
Furthermore, a noteworthy improvement was observed in external transfers. The Central Bank reported that it has addressed risks associated with these operations, bringing them in line with the standards of transfers conducted by established international banks.
The consulting firms, EY and Oliver Wyman, provided assessments on strategic planning and enhancements tailored to elevate international standards. This initiative aims to facilitate the integration of Iraqi banks within the global financial network.
The Central Bank underscored the importance of relying on official communications to stay informed, cautioning against the spread of inaccurate information regarding international sanctions affecting certain Iraqi banks. The credibility of the global correspondent banks is critical to the operations of banks engaged in Iraq.
