Iraqi central bank blocks dollar access to eight lenders

US official praises “progress” but says some Iraqi lenders are still breaking sanctions on Iran

Us dollars

Iraq’s central bank has blocked eight commercial banks from taking part in its dollar auctions, after US officials accused them of breaking sanctions on Iran. 

The Central Bank of Iraq announced the move on February 4, days after senior US Treasury official Brian Nelson visited it for talks on sanctions-busting. For over a year, US Treasury officials have publicly expressed concerns that Iraqi banks are illicitly funnelling dollars to Iran.

The increasing hostility between the US and Iran poses a

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