Iraq Central Bank bars 8 local banks from US$ transactions ...Kuwait

Iraq's central bank has banned eight local commercial banks from participating in transactions involving US dollars, citing efforts to combat fraud, money laundering and illicit uses of the US currency, according to a formal document by Iraq's Central Bank (CBI) obtained by The New Arab.   This step follows a recent visit by a high-ranking US Treasury official to Baghdad. The banks targeted are now prohibited from accessing the Iraqi central bank's daily dollar auction, a significant source of foreign currency in a nation heavily reliant on imports and subject to increased scrutiny over currency smuggling to neighbouring Iran. The official documentation from CBI confi

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