The Central Bank of Iraq said a number of banks previously restricted from USD dealings have completed the requirements for a phased return to foreign transfer operations in foreign currencies. It also said it has finished the groundwork to raise electronic payment card limits for registered companies and businesses. The central bank reaffirmed that it will keep meeting legitimate USD demand under existing controls and said there is no plan to change the exchange rate.
The Central Bank of Iraq issued a progress update on its broader reform program, saying it has completed the requirements to reintegrate a number of Iraqi banks that had been restricted from dealing in USD into external transfer operations in foreign currencies. It said the file has reached its final stages ahead of a gradual and orderly reintegration. In the same update, the central bank reaffirmed that it will continue to meet legitimate demand for USD from the public and private sectors under existing legal and regulatory controls, and said there is no direction to change the exchange rate.
The banks covered by the reintegration effort had met the requirements of the reform plan, related supervisory and technical standards, and stronger anti-money laundering and counter-terrorist financing frameworks. The central bank said the move should improve those banks' ability to serve customers and expand correspondent banking links with foreign financial institutions. It also said it had completed the technical and procedural requirements needed to raise electronic payment card limits for registered companies and commercial businesses, with later phases of the project to be implemented gradually.
Next steps set out in the update are a phased return of the eligible banks to foreign transfer activity and continued rollout of the electronic payments project under supervisory controls.
The Central Bank of Iraq has directed card issuers to use IQD 1,520 per USD for overseas payment gateway and point of sale transactions and to keep commissions to a minimum while disclosing them clearly to customers.
The Central Bank of Iraq is advancing its banking sector reform programme, with banks completing second-phase requirements on compliance, governance, transparency and institutional performance to strengthen the financial system and align with international standards. It is contracting an independent audit firm to assess banks that met phase one…
The Central Bank of Iraq has published materials under its Banking Reform Project, including a detailed assessment guide for its 2025 standards for private commercial and Islamic banks, a standards booklet, a circular on reform pathways, an undertaking letter template, and a frequently asked questions document. The webpage currently displays…