Iraq central bank moves to reinstate banks restricted from dollar transactions

BAGHDAD, Iraq — Iraq's Central Bank said work to reintegrate banks that had been restricted from dollar transactions into external transfer processes has reached its final stage. In a statement, the bank said the institutions in question have met reform requirements, audit standards and the framework for combating money laundering and terrorism financing. The central bank said the reintegration will be carried out gradually and under controlled conditions, with the aim of strengthening the banks' capacity to serve customers and rebuild correspondent banking relationships abroad. It added that technical and operational preparations to raise the limits on electronic payment cards used by companies for commercial transactions have been completed, and that digital financial services will be expanded. The bank said demand for dollars will continue to be met in line with established rules and standards, with the legitimate needs of the public and private sectors addressed and exchange rate stability preserved. It added that full compliance with international obligations will be ensured through strong foreign reserves and effective monetary policy tools.