Washington to continue providing US dollar services to Iraq
The Central Bank of Iraq (CBI). Photo: CBI press office
Baghdad (IraqiNews.com) – The US Ambassador to Iraq, Alina Romanowski, announced on Sunday that her country is continuing to provide dollar services to Iraq.
“The US Treasury Department continues its collaboration with the Central Bank of Iraq (CBI),” Romanowski said via X, formerly Twitter.
“Several Iraqi banks have now formed relationships with international banks for the first time, a positive step in making progress on banking sector reform,” the US official explained.
The US Ambassador elaborated that Washington will continue to provide US dollar services to Iraq in the interest of economic stability.
According to the latest statistics provided by the CBI, the quantity of US dollars imported into Iraq within two weeks through some government and private banks is estimated at $255 million, a government source told the Iraqi News Agency (INA) last Wednesday.
The source added that several other requests to import US dollars are being studied, expecting that additional amounts will arrive in Iraq within the next few days.
Iraqi banks’ imports of foreign currencies, including US dollars, take place in light of the CBI’s permission, allowing Iraqi banks to meet the needs of their customers, who need foreign currencies.
In mid-November, a government official revealed that three private banks in Iraq received official authorization from the CBI to import US dollars.
The official confirmed that the amounts go up to $100 million, indicating that the CBI is studying additional requests submitted by other Iraqi banks to import US dollars.
INA reported that the Trade Bank of Iraq (TBI) recently held important discussions with several international companies to transfer amounts reaching $120 million.
The CBI’s recent decision allowing private banks to import foreign currencies via commercial flights sparked controversy as Iraqi lawmakers and legal experts deemed it unconstitutional, according to The News Arab.
Officials from the CBI held intensive meetings with US officials in Abu Dhabi last month to discuss external transfers to cover imports.