Sign In / Up

Add contribution as a guest

Your email will not be displayed publicly
Benefit of signing in/signing up to personalize comment

Comment as a guest

Your email will not be displayed publicly
Benefit of signing in/signing up to personalize comment

Login

Not a member Register   Forgot Password
or connect using
 

Email

 

Rudaw

Business

Iraqi Central Bank orders banks to halt operations in Kurdistan

By Rudaw 8/11/2017
The Central Bank of Iraq says that banks that do not comply will longer receive foreign currency from the Iraqi-controlled financial regulator. File photo: AFP
The Central Bank of Iraq says that banks that do not comply will longer receive foreign currency from the Iraqi-controlled financial regulator. File photo: AFP
ERBIL, Kurdistan Region – The Central Bank of Iraq has called on all Iraqi banks in the country to halt their operations in the Kurdistan Region indefinitely. Any bank that disobeys will no longer receive foreign currency transfers from the central bank.

The move is seen as part of the 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.

In an official letter dated November 7, a copy of which Rudaw has obtained, the Central Bank points to instructions from the Iraqi parliament sent on October 12 that stipulate the Central Bank must “not sell foreign currencies to the banks working in [Kurdistan] Region or those who have branches there.”
 
Banks were given one week to inform Iraq’s financial regulator of what steps they have taken to halt their operations in the Kurdistan Region if they want to continue to buy and sell foreign currencies with the Central Bank.

It added that the measures will be in place until otherwise announced at a later date.
 
Iraq has taken a number of punitive measures against the Kurdistan Region following the independence vote, including military operations and a ban on international flight to and from the Region.
 
The Kurdistan Regional Government (KRG) has described such measures as “collective punishment.”
 
The KRG has offered to freeze the outcome of the nearly 93-percent vote for independence in return for open dialogue with Baghdad, but the Iraqi government has so far rejected this offer.
 
An Iraqi Federal Court has ruled that the Iraqi constitution does not allow any component to separate from the rest of the country. Prime Minister Haider al-Abadi said on Tuesday that this decision is in effect in every part of the country, include the Kurdistan Region.
 
The United Nations mission in Iraq called on the KRG to declare that it will “respect and endorse” the verdict.
 
The KRG has yet to comment on the ruling.

Comments

 
Data pager
Previous
123
Page size:
PageSizeComboBox
select
fatwacracy | 8/11/2017
iraq central bank hahahaha big joke. how many times they robbed the central bank since saddam? lolololo ali baba and the 40 thieves of bagdad.
pre-Boomer Marine brat | 8/11/2017
(warning, I love puns) ... Might we also see Abadi rename the street in front of the Presidential Palace to "Chemical Alley"?
yassir | 8/11/2017
this would be normal if there are suspicions of money laundering and corrupt practices, specially when banks do not declare all the information to the Central bank
hate turkey | 9/11/2017
I wish now we would have let ISIS take IRAQ and only help the Kurdistan Region.
anon | 9/11/2017
Screw Iraqi, Kurdistan needs to start their own Alt-coin after bitcoin and ditch paper money. You can bypass the central bank and the improve the economy and move away from the worthless iraqi dinar.
11241 Views

Be Part of Your Rudaw!

Share your stories, photos and videos with Rudaw, and quite possibly the world.

What You Say

Mamozin | 10/16/2018 5:39:29 AM
I cam promise you that after 30 years of struggle to build a united Iraq, each times comes a new evil. The problem is not that it can't be a...
Muraz | 10/16/2018 5:47:05 AM
Kdp sold kirkuk
Ahead of Kirkuk anniversary, Sadr appeals for Kurdish-Iraqi unity
| 22 hours ago | (3)
Guest | 10/15/2018 2:22:52 PM
All societies have individuals who differ in their opinions. Having the liberty to speak freely about their opinions and practice their own religion,...
AskAKurd | 10/16/2018 1:05:35 AM
Haha, mullahs are trying to tell whats good for kurds? Now I have heard everything. You guys are a joke. You Mu-lliers stop telling your mullah...
Islam can solve the Kurdish question: mullahs
| yesterday at 08:50 | (21)
Gaave | 10/15/2018 8:02:18 AM
It is unbelievable that one of the wealthy country in the world, now is struggling to pay decent salaries. The current regime needs to be held...
Bijan | 10/15/2018 7:51:35 PM
@Bavs Please control your anger dear friend. Azeris are mostly Turkified Iranics. Till 500 year ago persian, talysh, tat languages were spoken there,...
Iran’s teachers begin 2-day national strike
| yesterday at 05:43 | (4)
John Bird | 10/15/2018 7:24:56 PM
Will this make people stop taking such huge risks to themselves and their kids? I don’t think so. The promise of a free apartment and social welfare...
Turkey releases sole survivor of migrant boat tragedy that killed 34
| 18 hours ago | (1)

Elsewhere on Rudaw

Istanbul police to search Saudi consul's residence in Khashoggi case 3 hours ago |

Istanbul police to search Saudi consul's residence in Khashoggi case

UN rights chief calls to lift Saudi 'immunity' more
October 16: The day that lifted many masks 5 hours ago |

October 16: The day that lifted many masks

The US government failed to deter Iran, and more
0.547 seconds