By John Lee.
A number of banks previously restricted from conducting dollar transactions have now completed the requirements of the Central Bank of Iraq (CBI)'s reform plan and met the relevant supervisory and technical standards, including strengthening their anti-money laundering and counter-terrorism financing frameworks.
The CBI said the reinstatement of these banks to foreign currency transfer operations is in its final stages and will proceed gradually and in an organised manner.
On electronic payment services, the CBI said it has completed the technical and procedural requirements to raise the spending limits on electronic payment cards for registered companies and businesses, with the aim of expanding digital financial services and enhancing financial inclusion. Further phases of this initiative will be implemented progressively.
The CBI also reaffirmed its commitment to maintaining exchange rate stability, stating that it continues to meet legitimate demand for US dollars from both the public and private sectors through approved legal and regulatory frameworks, drawing on strong foreign reserves. It denied any intention to change the current exchange rate, citing stable monetary and financial indicators in the Iraqi economy.
(Source: Central Bank of Iraq)
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