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.
Central Bank of Iraq2026-06-22
Central Bank of Iraq says restricted banks near phased return to foreign transfers and rules out exchange rate change
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.