Iran to Access Trade Bank Funds in Iraq Shortly, Iranian Official Says
At a Glance
- Iraq guaranteed Iran obstacle-free access to its assets.
- Remaining banking obstacles will resolve within days.
- Funds must exclusively purchase food and medicine.
Abdolnaser Hemmati, Governor of the Central Bank of Iran, stated that banking issues with Iraq will be resolved within the next few days.
Key Statement and Focus Area
- The Governor of the Central Bank of Iran announced that Iraqi officials, during his recent Baghdad visit, guaranteed Tehran obstacle-free access to its funds and assets held at the Trade Bank of Iraq (TBI).
- The Governor emphasized the Iraqi government's commitment to advancing and developing economic relations with Iran.
Hemmati stated on Thursday that banking transaction obstacles between Tehran and Baghdad will be removed in the coming days.
He explained that U.S. sanctions limit Iranian access to its financial entitlements in Iraq, requiring the Central Bank of Iraq's approval to utilize the capital.
Hemmati noted that these funds must be spent exclusively on permitted essential goods like food and medicine.
FYI
The Governor of the Central Bank of Iraq, Nizar Nasir Hussein, met with Hemmati and his accompanying delegation in Baghdad on Monday to discuss mutual financial and monetary issues, alongside strategies to enhance bilateral banking relations to serve shared economic interests.
Both parties addressed mechanisms for settling financial entitlements and regulating trade exchanges in accordance with international compliance, governance, and transparency standards.
Hussein highlighted his commitment to implementing best regulatory practices for local financial stability, while the Iranian side expressed its strong aspiration to expand bilateral cooperation.
Hemmati also held a meeting with Iraqi Prime Minister Ali Faleh al-Zaidi, who affirmed that the government aims to establish Iraq as a regional economic hub, supporting efforts to build stability and end conflicts.
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