The Central Bank of Iraq (CBI) has received recognition for its reforms from the US Treasury and Federal Reserve during quarterly meetings held in the United Arab Emirates. Representatives from these financial authorities met with global auditing and consulting firms, including EY and Oliver Wyman, to discuss improvements made to Iraq’s banking sector.
These reforms include enhancements to the US dollar cash distribution system to combat currency smuggling and manipulation, a shift towards aligning external financial transfers with international standards, and strategies for government and private banks to integrate into the global financial network. The CBI emphasized the importance of relying on official sources for information and dismissed false reports suggesting that certain Iraqi banks had been blacklisted.
The recognition from the US Treasury and Federal Reserve is seen as a positive step forward for Iraq’s banking sector, with the CBI highlighting the significance of international confidence in maintaining lender operations.
Source: https://shafaq.com/en/Economy