The Central Bank of Iraq has taken action against five Iraqi banks to prevent smuggling operations using the US dollar. The move comes after meetings between US Treasury officials and Iraqi authorities in Dubai.
US sanctions on Iran are tightening, putting more pressure on Iraq’s economy. Iran views Iraq as a crucial part of its economic strategy.
The bans affect several major Iraqi banks, including Central Bank of Iraq. The action is intended to curb illicit activities related to the smuggling of US dollars.
Source: https://www.reuters.com/world/five-iraqi-banks-be-banned-us-dollar-transactions-sources-2025-02-16