CBI stopped 4 Kurdish Banks from participating in Foreign Currency Auction

On Thursday, an authentic source in the Iraqi banking sector has informed that the Central Bank of Iraq has decided to avoid the entry of 4 Kurdish banks from participating in the foreign currency auction. The source also added that the Iraqi Central Bank has decided to stop the banks of Erbil, commercial region, and Jihan in the Kurdistan region from the CBI currency auction within the financial sanctions on the Kurdistan regional government. The source further indicated that the Central Bank of Iraq immediately stopped the funds transfer system with the Kurdistan region. He pointed out that these sanctions are being considered a part of the sanctions imposed by the Iraqi federal government.

CBI Announced new Retail Payment System to Control Market

A senior economist Hamam Al-Shamma warned the results of imposing the decision of Iraqi Council of Representatives to stop the Iraqi Central Bank to prevent the banks operating in the Kurdistan region and banks with branches in the Kurdish region from selling foreign currencies. Al-Shamma said in a press statement that the decision of CBI has been considered one of the most critical types for economic restrictions. It would harm the life of Kurdistan citizens and impose the condition of food shortage due to the negative impact on the trade and supply of goods to the Kurdistan region. There will be a rise in the exchange rate in the parallel market in the region and in the Iraqi markets. He stressed to be cool & calm not to be dragged into intensification and putting the Iraqi interest above entire considerations.

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