US EditionFive Iraqi banks to be banned from US dollar transactions
- Iraq's central bank will ban five more local banks from U.S. Dollar transactions after meetings with U.S. Treasury officials, according to sources with direct knowledge of the matter.
- The banned banks include Al-Mashreq Al-Arabi Islamic Bank and United Bank for Investment, which can continue operating under other currencies.
- This action aims to combat money laundering and dollar smuggling, restricting the banks' ability to conduct dollar transactions and hampering operations.
- The Iraqi government is facing heightened scrutiny under U.S. President Donald Trump's administration, which aims to apply 'maximum pressure' on Iran.
13 Articles
13 Articles
CBI denies US sanctions on Iraqi banks amid conflicting reports
The Central Bank of Iraq (CBI) has denied reports that the United States has imposed sanctions on five Iraqi banks, emphasising that no such measures have been officially implemented. The statement comes amid growing speculation over financial restrictions following recent meetings between Iraqi and US officials in Dubai. Sources speaking to Al-Araby Al-Jadeed, The New Arab's Arabic-language sister publication, affirmed that the US Treasury Depa…
Five Iraqi Banks to Be Banned From U.S. Dollar Transactions
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Five Iraqi banks to be banned from US dollar transactions
A rare ally of both the U.S. and Iran with more than $100 billion in reserves held in the U.S., Iraq relies heavily on Washington's goodwill to ensure that its access to oil revenues and finances are not blocked.
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