Iraq Business Report

Last updated at 29/01/2018

Iraq Parliament Votes to Lift Sanctions on Kurdistan Region Banks

The Iraqi parliament voted on Monday to lift sanctions imposed on banks in the Kurdistan region, two main Iraqi TV channels reported.

During a session in Baghdad, lawmakers adopted a decision approving that sanctions be lifted after they "fulfilled their purpose" by enforcing federal controls on the Kurdish banking industry, said a copy of the measure published by Baghdad-based al-Sumariya TV.

In November 2017 the Central Bank of Iraq called on all Iraqi banks in the country to halt their operations in the Kurdistan Region indefinitely. It stated then that any bank that found in violations of the instructions would no longer receive foreign currency transfers from the central bank.

The move was seen as part of punitive measures taken by the government of Iraq against the Kurdistan Region in response to the vote for independence held on September 25 despite the opposition of Iraq, neighboring countries, and others including the United States.

 

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