CBI reforms recognized in UAE quarterly meetings
Shafaq News/ The latest round of meetings with the US Treasury and Federal Reserve yielded positive results, the Central Bank of Iraq (CBI) announced on Sunday.
In a statement, the Bank revealed that the quarterly meetings, held in the United Arab Emirates, brought together representatives from the US financial authorities alongside global auditing and consulting firms, including EY, K2 Integrity, and Oliver Wyman.
“The discussions resulted in recognition of the reforms undertaken by the Central Bank of Iraq and the Iraqi government to strengthen the banking sector,” the CBI said.
Among the reforms highlighted were:
- Improvements to US dollar cash distribution system in Iraq, which was described as “one of the most closely monitored systems globally,” aimed at reducing currency smuggling and manipulation.
- A “qualitative shift” in external financial transfers, aligning operations with international standards to mitigate risks and enhance transaction security.
- Reform strategies for both government and private banks, presented by consultancy firms EY and Oliver Wyman, to facilitate Iraq’s integration into the global financial network.
“As the confidence of international banks is crucial to the operations of lenders in Iraq, accurate information is vital,” the CBI noted. It emphasized the importance of relying on official sources for information, dismissing what it called “false reports” suggesting that certain Iraqi banks had been blacklisted.
