Forex at Iraqi Private Banks to be Increased

The Central Bank of Iraq (CBI) has reportedly made agreements to support several private Iraqi banks with foreign currency. State-run Iraqi News Agency (INA) quotes a government source as saying that, following meetings in Abu Dhabi with US officials, it has been agreed, "to boost the advance balance of five Iraqi banks in their dollar accounts with Jordanian banks and remittances through JPMorgan." A separate INA article says that another five banks will be supported by Citibank.

Singapore Development Bank will support 13 banks with Chinese yuan and two banks with Indian rupees, with more banks to be added in the next two weeks.