The Central Bank of Iraq Announces Details of Its Meetings with the Treasury and the Federal Reserve

The Central Bank (CBI) announced the end of the first quarterly meetings for 2025 with the US Treasury and the US Federal Reserve, which were held in Dubai, United Arab Emirates with the participation of international auditing and consulting firms (EY, K2 Integrity, Oliver Wyman). The meetings were crowned with praise for the steps taken by the CBI and the Iraqi government to reform the banking sector, the most important of which were:

1. The development of the cash distribution system for the US dollar in Iraq, which they considered the most supervisory and controlling system in the world, which limits manipulation and smuggling of the US dollar.
2. The qualitative shift in foreign transfer operations and the steps taken by the CBI to address the risks resulting from these operations, which have now risen to the levels of transfer operations carried out by international banks.
3. The consulting firms (EY and Oliver Wyman) reviewed the two plans to reform the government and private banking sectors and upgrade them in line with international standards in order to facilitate the involvement of Iraqi banks in the international financial relations network.

Since the operations carried out by banks operating in Iraq depend largely on the confidence of international correspondent banks in the Iraqi banking sector, CBI stresses the need to rely on the official names of this bank to know the latest news and not to transmit incorrect news, such as some Iraqi banks being subject to international sanctions, and so on.

 

Central Bank of Iraq

Media Office

February 16^th, 2025