Expert: Iraqi Banks Need Comprehensive Reform To Free Themselves From The Restrictions Of Dollar Transactions.
Economy October 27, Information / Baghdad Financial and banking expert Mustafa Hantoush confirmed on Monday that the banking sector in Iraq is on the verge of a new phase, as it approaches liberation from the restrictions of dealing in dollars, but at the same time it needs radical reforms to modernize its operational structure and enhance its efficiency.
Hantoush told Al-Maalouma News Agency that “about 90% of the Iraqi banking system is still subject to theeffects of dollar restrictions as a result of the suspicions and problems it has experienced in recent years,” noting that “it is expected that in less than three months some banks will begin to gradually free themselves from those restrictions.”
He added that “the banking process in Iraq is still limited in activity,as it requires the introduction of an integrated system that includes deposits, loan financing, and expanding investment areas, in addition to updating the standards in place in cooperation with the Central Bank of Iraq.”
He explained that “achieving full financial inclusion represents a fundamental step in developing the sector, through diversifying banking services and not being limited to current accounts only,” while stressing “the importance of strengthening relations with international banks and opening new correspondence channels that enable Iraqi banks to effectively integrate into the international financial system,” adding that “updating technical systems and simplifying procedures to serve citizens is a crucial stage in the reform process, provided that complications and administrative routine that hinder development and limit the efficiency of banking performance are avoided.” End / 25M
https://almaalomah.me/news/113919/economy/خبير-:-المصارف-العراقية-بحاجة-الى-اصلاح-شامل-للتحرر-من-قيود
Iran Proposes Creating A Unified Regional Currency To Boost Trade Among Countries In The Region.
October 28, 2025Tehran/Iraq Observer Iranian President Masoud Pezeshkian proposed on Tuesday the creation of a unified regional currency for the countries of the region, with the aim of boosting trade and strengthening economic cooperation, in light of the continued international sanctions imposed on Tehran.
During his meeting with the Tajik Interior Minister in Tehran, Pezeshkian said that “adopting a common currency in the region could contribute to achieving economic development and expanding areas of cooperation between member states.”
The Iranian president pointed out that “the religious and cultural ties that unite the countries of the region form a suitable basis for strengthening relations and overcoming obstacles to economic cooperation,” during his speech at the Economic Cooperation Organization summit.
The organization was founded in 1985 at the initiative of Iran, Pakistan and Turkey, and currently has ten members, including five Central Asian countries (Tajikistan, Kyrgyzstan, Uzbekistan, Kazakhstan and Turkmenistan), in addition to Azerbaijan and Afghanistan, and the combined population of its countries is more than 550 million people.
This call comes at a time when the Iranian economy is facing significant pressure due to US sanctions related to its nuclear program, which have led to a decline in the value of the rial and a rise in inflation rates.
https://observeriraq.net/إيران-تقترح-إنشاء-عملة-إقليمية-موحدة-ل/
A Controversial Agreement Between The Central Bank Of Iraq And A Kuwaiti Bank Opens The Door To Financial Debate.
2025 Last updated: October 29, Al-Mustaqilla – In a surprising move that sparked controversy in financial and economic circles, the Central Bank of Iraq announced on Wednesday the signing of a joint cooperation agreement with the National Bank of Kuwait – Bahrain Branch,
during a ceremony held at the Central Bank headquarters in Baghdad, in the presence of Governor Ali Mohsen Al-Alaq and a number of senior officials.
According to the official statement, the agreement aims to enhance cooperation in the areas of financial transfers, electronic payment, training, and the exchange of modern banking expertise, which observers described as “a step towards a new openness of the Central Bank towards Gulf institutions.”
However, the signing of the agreement did not go unnoticed.
Economists and observers questioned thereasons for choosing a Kuwaiti-Bahraini bank specifically,given the existence of major Iraqi banks capable of managing electronic transfers and payments locally.
Some believe the move may reflect a lack of confidence in Iraqi financial institutions or an attempt to seek external cover to circumvent US sanctions imposed on some private banks.
While Governor Al-Alaq emphasized the “deep fraternal ties between the peoples of Iraq, Kuwait and Bahrain,” others considered that the economic file should be managed with professional, not political, standards, especially given the sensitivity of the financial relationship between Iraq and some Gulf states.
For his part, the CEO of the National Bank of Kuwait – Bahrain, Ali Fardan, stressed that the agreement will contribute to raising the level of cooperation in transfers and training on modern banking practices, expressing his hope to develop the relationship between the two sides more broadly.
While some analysts welcomed the move as a “signal of much-needed economic openness,” others believe it could open the door to new foreign banking influence within the Iraqi market, especially given the challenges facing the local banking sector with dollar transfers and compliance with US restrictions.
The agreement, which came amid sensitive financial circumstances and declining confidence in internal banking procedures, opened the door to legitimate questions:
Does this partnership represent an opportunity to develop the Iraqi financial sector, or a new gateway for foreign intervention in the banking system? https://mustaqila.com/اتفاقية-مثيرة-بين-المركزي-العراقي-وبن/
The Central Bank Of Iraq Signs An Agreement With The National Bank Of Kuwait – Bahrain.
October 28, 2025 Under the patronage and attendance of the Governor of the Central Bank of Iraq, Mr. Ali Mohsen Al-Alaq, the Central Bank of Iraq signed a joint cooperation agreement with the National Bank of Kuwait – Bahrain.
The signing ceremony took place at the Central Bank of Iraq’s headquarters in Baghdad.
The Bank of Kuwait was represented by its CEO – Bahrain, Mr. Ali Fardan, along with his Deputy, Head of Treasury, Mr. Mohammed Momen, and members of the delegation.
The agreement was signed on the Iraqi side by Dr. Mohammed Younis Abu Raghif, Director General of Investments at the Central Bank of Iraq.
His Excellency the Governor expressed his warm welcome to the visiting delegation, recalling the deep-rooted ties between the people of Iraq and the peoples of Kuwait and Bahrain, wishing them continued success.
For his part, Mr. Fardan emphasized the importance of enhancing cooperation in the areas of financial transfers and electronic payments, in addition to training on the best modern banking practices between the two parties, and statistical data.
He invited His Excellency the Governor to visit the headquarters of the National Bank of Bahrain. Central Bank of Iraq Media Office https://cbi.iq/news/view/3032
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