8 Iraqi Banks “Banned from Transacting in US Dollars”

by Iraq localize

Various media sources say that Iraq has banned eight local commercial banks from making transactions in U.S. dollars.

This precludes these banks from taking part in the Central Bank’s daily dollar auction.

The banks are reported to be:

  • Ashur International Bank for Investment;
  • Investment Bank of Iraq;
  • Union Bank of Iraq;
  • Kurdistan International Islamic Bank for Investment and Development (KIIB);
  • Al-Huda Bank;
  • Al Janoob Islamic Bank for Investment and Finance;
  • Arabia Islamic Bank (Al Arabiya); and,
  • Hammurabi Commercial Bank.

Last week, the US Treasury Department sanctioned Al-Huda Bank, and its owner and Chairman, Hamad al-Moussawi, saying that the bank, “serves as a conduit for terrorist financing, as a foreign financial institution of primary money laundering concern.

(Sources: New Arab; Reuters; Shafaq)


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