Central Bank of Iraq Announces the Return of Seven Banks to the Global Financial System

The Governor of the Central Bank of Iraq, Nizar Nasser Hussein, announced the reinstatement of seven local banks into the global financial system after meeting compliance and governance requirements under the banking sector reform plan. The Central Bank clarified that high-level meetings with US financial authorities resulted in an understanding to integrate these banks into foreign correspondent channels for non-dollar currencies, paving the way for their future dollar transactions once all remaining regulatory requirements are met. This step is part of a broader strategy to modernize the banking sector, enhance its resilience, and integrate it internationally while continuing rigorous supervision and anti-money laundering efforts.