ISTANBUL / Layth al-Junaidi / Anadolu

Iraqi Prime Minister Ali al-Zaidi considered on Saturday the understanding reached between the Central Bank of Iraq and the U.S. Department of the Treasury to qualify 7 banks as 'an important step in the path of reforming the banking sector and enhancing its integration into the global financial system.'

This came in a post published by al-Zaidi on his account on the American company X platform, in which he welcomed the Iraqi-American understanding.

On Friday, Iraq and the United States signed 48 agreements, memoranda of understanding, economic cooperation, and a declaration of comprehensive partnership between various public and private sectors in the two countries.

Al-Zaidi explained that qualifying 7 Iraqi banks to return to external correspondent banking channels in other currencies paves the way for restoring their eligibility to deal in U.S. dollars, after completing compliance and governance requirements.

He stated that the understanding 'enhances confidence in the Iraqi banking sector and opens broader horizons for the national economy and investment.'

He emphasized continuing 'support for financial and banking reforms, and consolidating the principles of transparency and governance, in a way that serves Iraq's interests and enhances its economic position regionally and internationally.'

According to economic observers, the reintegration of these banks into international correspondent channels in foreign currencies directly contributes to the stability of the local exchange rate.

Moreover, according to observers, this step is expected to secure financing for foreign trade, as well as attract foreign investments necessary to modernize the infrastructure of the Iraqi economy and ensure its financial security.

The agreements and memoranda of understanding were signed under the patronage of al-Zaidi as part of his current official visit to the U.S. capital Washington, according to a statement issued by his office on Saturday.

On the past Monday, al-Zaidi arrived in Washington heading a high-level government delegation, in his first foreign visit since assuming the premiership in May 2026, to hold talks with U.S. President Donald Trump and sign memoranda of understanding in the fields of oil and gas.

On Friday, al-Zaidi stressed the strength of the economic partnership with the United States, during his participation in a broad business conference organized by the U.S. Chamber of Commerce in Washington, attended by a number of businessmen, bankers, and representatives of American companies, financial institutions, and industrial and technological sectors.