The Central Bank of Iraq announced the conclusion of its first quarterly meetings for 2025 with the US Treasury Department and the US Federal Reserve, held in Dubai with the participation of EY, K2 Integrity and Oliver Wyman. Participants praised steps taken by the Central Bank of Iraq and the Iraqi government to reform the banking sector, focusing on tighter controls around US dollar cash distribution and foreign transfer operations. The update highlighted development of the US dollar cash distribution system in Iraq, described by participants as highly controlled and aimed at limiting manipulation and smuggling. It also cited a “qualitative leap” in foreign transfer operations and measures introduced by the Central Bank of Iraq to address related risks, with transfer activity described as exceeding the levels carried out by international banks. EY and Oliver Wyman reviewed reform plans covering both public and private banks to align with international standards and support Iraqi banks’ participation in international financial networks, and the Central Bank of Iraq urged stakeholders to rely on its official channels to avoid misinformation, including claims about international sanctions on Iraqi banks.
Central Bank of Iraq 2025-02-16
Central Bank of Iraq concludes first 2025 quarterly meetings with US Treasury and Federal Reserve on dollar distribution and foreign transfer reforms
The Central Bank of Iraq concluded its first quarterly meetings for 2025 with the US Treasury and Federal Reserve, focusing on banking reforms, particularly tighter controls on US dollar distribution and foreign transfers. Participants, including EY and Oliver Wyman, praised measures to limit manipulation and smuggling, urging reliance on official channels to prevent misinformation about international sanctions on Iraqi banks.