Insight Iraq

In-Depth News & Views

Iraq News

CBI takes measures to lift US ban on 28 private banks

Baghdad ( – The head of Iraq’s Parliamentary Expenditure and Enhancement Committee, Hassan Al-Khafaji, exposed on Wednesday that the Central Lender of Iraq (CBI) is getting actions to lift the ban imposed on 28 personal banking institutions in Iraq.

Al-Khafaji told the Iraqi Information Agency (INA) that the parliamentary committee proposed to the CBI governor, Ali Al-Alaq, to assist non-public banking institutions.

Al-Alaq pledged to post a report to the US Division of the Treasury to raise the ban imposed on 28 Iraqi private financial institutions, expecting the ban on those banking companies to be lifted all through the coming period.

The United States barred 14 Iraqi banks past July from conducting US greenback transactions as component of a crackdown on transferring US currency to Iran and other sanctioned nations.

The phase highlights the ongoing initiatives to reduce Iran’s accessibility to intercontinental financial networks. Decreasing Iran&#8217s access to US funds by means of Iraqi financial institutions is the major aim of US sanctions.

By focusing on these fiscal institutions, the US seeks to impede the flow of money that Iran might use to finance steps that are at odds with US objectives.

The article CBI can take measures to carry US ban on 28 personal banks appeared to start with on Iraqi Information.