Central Bank of Iraq
Iraq's central bank since 1947; its dollar auction closed at the end of 2024.
US sanctions on Baghdad's Iraq Development Bank on 15 October 2026 turned on the Central Bank of Iraq's former dollar auction, which Treasury says the bank abused to supply Iran with dollars.
Last refreshed: 18 October 2026 · Appears in 1 active topic
How did Iraq's dollar auction become a channel for Iran?
Timeline for Central Bank of Iraq
Ran the dollar auction the bank allegedly abused
Iran Conflict 2026: US blacklists an Iraqi bank over IranMentioned in: Iraq: force majeure; oil goes nowhere
Iran Conflict 2026Background
The Central Bank of Iraq ran the dollar auction at the heart of a US sanctions case on 15 October 2026. Treasury says the Iraq Development Bank, whose formal name is the International Development Bank for Investment and Finance, abused its access to that now-dissolved auction to supply Iran with dollars.
Established in 1947 and based in Baghdad, the central bank sold $81 billion in 2024. Its electronic dollar platform ceased operations at the end of that year. Iraqi banks now deal directly with foreign correspondent banks instead.
Nizar Nasser Hussein took charge as governor in June 2026, succeeding Ali Mohsen Al-Alaq.
What was the Central Bank of Iraq's dollar auction?
Who is the governor of the Central Bank of Iraq?
How is the Central Bank of Iraq linked to US sanctions on Iran?
Written with AI from Lowdown's published reporting. Not individually reviewed by an editor. Updated 18 October 2026. Editorial standards.