BAGHDAD, Iraq's exit from EU sanctions will open new horizons in dealing with state and private banks with European banks and will facilitate the transfer of money in trade and commodity exchanges, opening a new era in facilitating the arrival of goods to and from Iraq, the economic analyst Malath al-Amin said.
Al-Amin said in a statement to the National Iraqi News Agency (NINA): "This will reflect on rising Iraq's international credit rating and will strengthen its position, increasing the demand of financial and investment companies to work in the country and reconstruction and the opening of new areas in the productive sectors."
He expected that: next year will be a real start to enter the investment companies and the maturity of the process of monetary exchange and trade with the European Union after the lifting sanctions on the Central Bank of Iraq.
The European Union (EU) officially announced on Thursday that the Central Bank of Iraq (CBK) has been removed from the list of sanctions imposed by the European Union on institutions.
According to a statement by the Central Bank of Iraq, "The European Union published in the official newspaper an official statement confirming the abolition of sanctions imposed on this bank under the former regime, which provided for" the prohibition of dealing with a group of Iraqi financial institutions and non-financial, including the Central Bank of Iraq. "
The Central Bank said that this step comes as the Central Bank of Iraq has made significant progress in improving its performance and the application of international regulations and standards in this area.
The statement added, "Under these recent amendments, international financial banking institutions will be allowed to deal with the new regulations as they become reliable financial institutions to deal with European international institutions."
Source: National Iraqi News Agency