Baghdad: Prime Minister Ali Faleh Al-Zaidi on Saturday announced the qualification of seven Iraqi banks to resume foreign correspondent banking channels.

According to Iraqi News Agency, Al-Zaidi made the announcement in a post on X, highlighting the significant progress made through an understanding between the Central Bank of Iraq and the U.S. Department of the Treasury. This development is seen as a crucial step towards advancing banking sector reform and integrating Iraq's financial system into the global framework.

Al-Zaidi emphasized that the qualification of these banks to resume correspondent banking in foreign currencies marks a pivotal move towards restoring their eligibility to conduct transactions in U.S. dollars. This progress, contingent upon meeting compliance and governance requirements, underscores the success of the government's financial reform agenda. It also serves to enhance confidence in Iraq's banking sector, creating wider opportunities for the national economy and attracting investment.

The Prime Minister reaffirmed the government's commitment to support ongoing financial and banking reforms. He stressed the importance of consolidating principles of transparency and governance to serve Iraq's interests and bolster its economic standing both regionally and internationally.