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The Central bank of Iraq is inviting different foreign banks to open their branches in the different cities of Iraq. The braches of these foreign banks are being opened in the areas where international companies are operating on different projects in Iraq. Central bank of Iraq and the bank of economy are discussing new mechanism for the development of banking sector.

After the release from chapter vii, Iraq is looking to collect Iraqi dinar and receivables from different countries of the world that were frozen after invasion of Kuwait by Iraq in 1990. These funds were freeze in the different countries of the world as a result of sanctions imposed by United Nation on Iraq.

The frozen assets of Iraq in the foreign banks are under discussion for couple of months, especially after Chapter VII of United Nation. These frozen assets are $82 Billion and were freeze due to invasion of Kuwait by Iraq in 1990. People are not sure about these funds and most of them are consider as barren amount that will not be released to Iraq.

The President of United States of America, Barack Obama announced good news for Iraq and its economy. The immunity funds freeze as the result of chapter vii sanctions by United Nation, are issued to the Iraq development funds. The united nation has lifted sanctions from immunity funds of Iraq available in the different foreign banks.

The assets of central bank of Iraq are now no longer under the control of United Sates of America, after lifting all the sanction of chapter vii and other acts of UNO. The Office of Foreign Assets Control (OFAC) announced yesterday that the Iraqi funds are now under the direct control of government of Iraq and available for use.