The Central Bank of Iraq reveals details of its meetings with the US Treasury and Federal Reserve
The Central Bank of Iraq reveals details of its meetings with the US Treasury and Federal Reserve
2025-02-16 04:22
Shafaq News/ The Central Bank of Iraq announced, on Sunday, that its quarterly meetings with the American side and international auditing companies had yielded positive results, denying that some Iraqi banks were subject to international sanctions.
The bank stated in a statement received by Shafaq News Agency that the first quarterly meetings for the year 2025 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 firms ( EY , K2 Integrity , and Oliver Wyman ), were crowned with praise for the steps taken by the Central Bank of Iraq and the Iraqi government in reforming the banking sector.
He pointed out that the most important of these reforms are:
1- The development of the US dollar cash distribution system in Iraq, which they considered the most controlled and monitored system in the world, limiting manipulation and US dollar smuggling operations.
2- The qualitative shift in foreign transfer operations and the steps taken by the Central Bank of Iraq to address the risks arising from these operations, which have now risen to the levels of transfer operations carried out by international banks.
3- The consulting firms ( EY and Oliver Wyman ) reviewed the plans to reform and upgrade the public and private banking sectors in line with international standards and to facilitate the involvement of Iraqi banks in the international financial relations network.
The bank added, “Since the operations carried out by banks operating in Iraq depend largely on the confidence of international correspondent banks in the Iraqi banking sector, we stress the need to ensure that the official channels of this bank are adopted to know the latest news and not to transmit incorrect news such as some Iraqi banks being subject to international sanctions and others.”
shafaq.com
