CBI: Details of meeting US Treasury and Federal Reserve

INA - BAGHDAD

The Central Bank of Iraq - CBI announced on Sunday the details of the meetings with the US Treasury and the Federal Reserve, indicating that they praised the steps of the Iraqi government in reforming the banking sector.

"CBI announces the end of the first quarterly meetings for the year 2025 with the US Treasury and the US Federal Reserve, which were held in Dubai, United Arab Emirates with the participation of international auditing and consulting companies (EY, K2 Integrity, Oliver Wyman), which culminated in praise for the steps taken by CBI and the Iraqi government in reforming the banking sector," CBI stated in a statement - received by the Iraqi News Agency - INA.

The statement pointed out that the most important steps were:
1- The development of the US dollar cash distribution system in Iraq, which is considered the most controlled and monitored system in the world, which limits manipulation and smuggling of the US dollar.

2- The qualitative shift in foreign transfer operations and the steps taken by the Central Bank of Iraq to address the risks resulting from these operations, which have become on par with the levels of transfer operations carried out by international banks.

3- The consulting firms (EY and Oliver Wyman) reviewed the plans to reform the public and private banking sectors and upgrade them in line with international standards and to facilitate the involvement of Iraqi banks in the international financial relations network.

"Since the operations carried out by banks operating in Iraq depend largely on the confidence of international correspondent banks in the Iraqi banking sector, we emphasize the need to ensure the adoption of the official channels of this bank to know the latest news and not to transmit incorrect news such as the exposure of some Iraqi banks to international sanctions and others," he added.