Central Bank of Iraq officially cancels the license of the largest Iranian bank operating in Iraq. The decision to cancel the license stems from the sanctions imposed by the US Treasury in 2018 on Bank Melli Iran.
Iraq relies heavily on maintaining access to its reserves of more than $100 billion located in the United States. Iraq is counting on maintaining a good faith relationship with Washington to ensure the continued flow of oil revenues and financial transactions. The cancellation adds to the ongoing complexities of geopolitical and financial relations in the region.