The Central Bank of Iraq (CBI) announced that several banks previously barred from conducting dollar transactions have successfully completed the requirements of its banking reform program and met the necessary supervisory and technical standards.
According to the CBI, these banks strengthened their anti-money laundering and counter-terrorism financing systems and complied with the conditions required for returning to foreign currency transfer operations. The process of restoring their access to dollar transactions is now in its final stages and will be carried out gradually and in an organized manner.
The CBI also revealed that it has completed the technical and procedural preparations needed to increase spending limits on electronic payment cards used by registered companies and businesses. The move is aimed at expanding digital payment services, supporting business activity, and improving financial inclusion across the country. Additional phases of the project will be introduced progressively.
The bank further emphasized its commitment to maintaining exchange rate stability. It stated that it continues to provide US dollars to meet legitimate demand from both the public and private sectors through approved legal channels, supported by Iraq’s strong foreign currency reserves.
In addition, the CBI rejected reports suggesting a possible change in the official exchange rate, stressing that current monetary and financial indicators remain stable and do not require any adjustment to the existing rate.
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