The Iraqi House of Representatives has voted on pulling back its previous punishment against the banks in the Kurdistan region. A source from Iraqi Parliament said in a press interview that the Iraqi House of Representatives has voted on a proposal to immediately stop previous action and decision of the House regarding banking transactions of Iraqi banks with banks and financial institutions in the Kurdistan region. It is due to achieving the required target regarding the issue. The Iraqi Central Bank should submit monthly reports prepared by the Commission regarding its implementations, practices, and its effective role in public money protection. Point to be noted that Kurdistan regional government executed the referendum process which generated more tension between Iraqi federal government and the Kurdistan regional government. So, Iraqi government took a number of steps in maintaining its rule and keeping Kurdistan region as a part of Iraq.
On 3rd October 2017, the Iraqi House of Representatives voted on a decision regarding the stoppage of entire banking and financial transactions with the banks and financial institutions in the region of Kurdistan. Their previous decision was to protect the rights of Kurdish citizens and putting pressure on the leadership of the Kurdistan region. It is important that the Iraqi Central Bank is much dedicated for not selling foreign currencies to the banks operating in the region of Kurdistan, including those banks that have branches and financial institutions in the Kurdistan region. It is due to maintaining the foreign currency reserves in the Iraqi Central Bank and to avoid its leakage. The Information and Communication Authority should collect entire financial dues within 10 days acquired by Cork Telecom Company. Both sides are now calming down and they might come together on one table to solve their issues peacefully in the best interests of Iraqi and Kurdish people.