CBI takes measures to lift US ban on 28 private banks
The Central Bank of Iraq (CBI). Photo: CBI press office
Baghdad (IraqiNews.com) – The head of Iraq’s Parliamentary Investment and Development Committee, Hassan Al-Khafaji, revealed on Wednesday that the Central Bank of Iraq (CBI) is taking measures to lift the ban imposed on 28 private banks in Iraq.
Al-Khafaji told the Iraqi News Agency (INA) that the parliamentary committee proposed to the CBI governor, Ali Al-Alaq, to support private banks.
Al-Alaq pledged to submit a report to the US Department of the Treasury to lift the ban imposed on 28 Iraqi private banks, expecting the ban on those banks to be lifted during the coming period.
The United States barred 14 Iraqi banks last July from conducting US dollar transactions as part of a crackdown on transferring US currency to Iran and other sanctioned countries.
The step highlights the ongoing efforts to lessen Iran’s access to international financial networks. Reducing Iran’s access to US funds through Iraqi banks is the main goal of US sanctions.
By focusing on these financial institutions, the US seeks to obstruct the flow of money that Iran may use to finance actions that are at odds with US objectives.