Central Bank of Iraq Announces Reintegration of Seven Banks into the Global Financial System

The Governor of the Central Bank of Iraq, Nizar Nasser Hussein, announced the successful reintegration of seven Iraqi banks into the global financial system after meeting governance and compliance requirements as part of the banking sector reform strategy. In an official statement, the Bank explained that high-level discussions with the US Treasury Department resulted in an understanding allowing these banks to return to non-US dollar foreign correspondent channels currently, with the potential to regain eligibility for dollar transactions once remaining regulatory requirements are met. This step aims to strengthen the Iraqi banking sector, integrate it internationally, and apply the highest standards of anti-money laundering and counter-terrorism financing.