CBI Governor: No More International Sanctions on Iraq’s Banking Sector
The Governor of the Central Bank of Iraq (CBI) confirmed that the banking sector reform process is continuing in coordination with Oliver Wyman, stressing that “there will be no more sanctions imposed by international entities on the banking sector.”
Speaking during a discussion with economic experts, the Governor said that international confidence in the Central Bank of Iraq remains very high. He also noted that the seven banks authorized to conduct transactions in currencies other than the U.S. dollar may begin operations soon.
Addressing the situation of Al-Taif Bank, the Governor stated that the majority of depositors’ funds are guaranteed and that the Central Bank would intervene in the event of any shortfall.
He also revealed that Iraq’s issued currency supply stands at IQD 107 trillion, while the amount currently circulating in the market is estimated at nearly IQD 40 trillion.
The Governor further explained that changing the national currency falls within the authority of the Central Bank, while any move to remove zeros from the currency would require legislation from the Iraqi Parliament.
He reaffirmed the Central Bank’s commitment to maintaining the stability of Iraq’s financial system and strengthening its position and credibility at the international level.