A leading official in the Iraqi Ministry of Finance said on Monday that the Iranian banks currently operating in Iraq, and those planning to open branches in the country, are not covered by UN sanctions as they are not state-owned.
The Finance Ministry’s undersecretary, Fadel Nabi, told AKnews that the Iranian banks present in Iraq are private ventures that have licenses to operate in Iraq.
Mr. Nabi explained that the Ministry has a list of the banks that are included within the economic sanctions imposed by the UN on Iran and those banks would not be permitted to open branches in Iraq.
For several years Iran and Iraq have enjoyed healthy bilateral trade and investment relations.
The head of the Chamber of Commerce and Industry in Tehran, Yahya Isaac, announced that the Bank of Iraq would be opening a branch in Iran in the near future.