Central Bank: No more sanctions on the banking sector.
Central Bank: No more sanctions on the banking sector.
9-6-2026
The Central Bank of Iraq affirmed on Sunday its continued commitment to the reform process and denied the existence of any sanctions on the banking sector.
A statement issued by the bank, and reported by Al-Maalomah News Agency, quoted Governor Nizar Nasser Hussein as saying during a meeting with economic experts that the banking sector reform process is ongoing in coordination with Oliver Wyman. He clarified that there are no longer any international sanctions on the banking sector. The
statement added that international confidence in the Central Bank is very high, noting that the seven banks authorized to conduct transactions in currencies other than the US dollar may begin operations soon. It further stated that the majority of depositors’ funds at Al-Taif Bank are guaranteed, and that the Central Bank will intervene if a shortfall occurs. The statement emphasized that Iraq invests in the United States as a safe haven and the only country that has granted Iraq immunity, adding that the risks of investing in other countries are significant.
The statement concluded by noting that the total issued currency amounts to 107 trillion dinars, while the amount circulating in the markets is close to 40 trillion dinars.
He pointed out that “changing the currency is within the purview of the Central Bank,” noting that “removing zeros requires legislation in the House of Representatives.”
He affirmed that “the current government is run with a private sector mindset, and the media plays a crucial role in improving Iraq’s international image,” adding that “there are new lending initiatives to support important and vital projects.”
almaalomah.me
