The Iraqi Private Banks League has welcomed the significant, positive outcomes of the high-level talks held between the Governor of the Central Bank of Iraq, Dr. Nazar Nasser, and officials at the U.S. Treasury. The talks build on and complete the government's efforts during Prime Minister Ali Faleh Al-Zaidi's official visit to the United States.

"We commend the strategic decision to restore correspondent banking relationships in foreign currencies (other than the U.S. dollar) for seven Iraqi banks. This is a major milestone that confirms the success of the first phase of the Central Bank of Iraq's banking sector reform and relicensing program," the League said in a press statement.

The League noted that this development will have a direct, positive impact on the stability of the Iraqi dinar, while also strengthening Iraqi banks and bolstering their soundness and capacity to meet the demands of foreign trade and domestic market financing.

“All other banks that are still subject to restrictions can operate in other currencies when the requirements of the first phase are completed. Therefore, these banks are required to intensify their efforts and fully and promptly comply with the standards and requirements of the Central Bank of Iraq, and complete all compliance, anti-money laundering and counter-terrorism financing procedures,” the League pointed out.

The League also reaffirmed its full support for the Central Bank of Iraq's broader strategy to modernize the banking sector and strengthen its resilience and competitiveness, ensuring its full and sustainable integration into the global financial system while creating an optimal environment for deeper engagement between the Iraqi economy and international financial institutions.