Iraqi Lawmaker: Foreign banks dominate in currency exchange

Shafaq News/ On Thursday, Vian Dakhil, a member of the Parliamentary Integrity Committee, raised concerns about the "dominance" of foreign bank branches over the currency exchange window at the Central Bank of Iraq.

In an interview with Shafaq News Agency, Dakhi said that the committee is currently examining the financial and monetary policy of the Central Bank, “especially in light of reports indicating that some branches of foreign banks and certain Iraqi banks are exerting significant influence over the Iraqi currency market and the foreign currency exchange window.”

She explained that the Integrity Committee is working on legislation aimed at limiting the authority of foreign banks and their branches, as well as Iraqi banks with foreign capital. “This initiative seeks to curb the substantial profits these banks are generating from operations in Iraq.”

Dakhil further noted that some foreign banks and foreign capital are monopolizing financial remittances in Iraq, lamenting that "unfortunately, all Iraqi funds are being transferred to other countries."

Iraqi experts have raised alarms about the "leakage" of currency outside Iraq due to alleged "corruption" within the currency auction system in the country.

The Central Bank's management plans to gradually eliminate the dollar auction, ultimately aiming for its complete abolition.