Sanctioned Iraqi Banks Prepared for Audit, Caution Against Dinar Slide

Fourteen Iraqi private banks sanctioned by the United States over allegedly helping siphon U.S. dollars to Iran said on Wednesday they were ready to challenge the measures and face audits and called on Iraqi authorities to provide assistance.

U.S. financial authorities last week barred 14 Iraqi banks from conducting dollar transactions as part of a wider crackdown on dollar smuggling to Iran via the Iraqi banking system, Iraqi central bank officials have said.

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