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Report: Iraqi regulator eases financial restrictions on Kurdish banks

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Report: Iraqi regulator eases financial restrictions on Kurdish banks

The Central Bank of Iraq loosened financial restrictions on all but four banks in the Iraqi Kurdistan region, following a pledge of cooperation from the rest of the lenders, an "Iraqi banking source" told Reuters.

The central bank informed the Kurdistan Regional Government on Oct. 3 that it would stop selling dollars to the unnamed four banks, while also stopping foreign currency transfers to the region, according to "banking and government sources." The move came after voters in the Kurdish region voted for independence in a referendum on Sept. 25.

But in a sign of the crisis de-escalating, the central bank has allowed all Kurdish banks, other than the unidentified four, to send and receive dollar and foreign currency transfers on Oct. 4, according to the banking source.

It said it would lift the ban on the four institutions if they prove they are cooperating in disclosing their financial transactions, the source said.