Iraq & State Bank of India

Iraq: Iraq is one of the Persian Gulf producers whose oil supplies have been disrupted by the Strait of Hormuz closure, and it has struck arrangements with Iran to move oil.

State Bank of India: The State Bank of India has implemented measures to contain the impact of the Iran war on the rupee and foreign exchange reserves, but faces increasing pressure to address inflation and slowing economic growth.

Iraq: Iraq is an OPEC+ member facing challenges with persistent overproduction and is seeking a higher quota, contributing to the fragmentation within OPEC+.

State Bank of India: The State Bank of India is supporting the India — Indian rupee by opening the debt market to FPIs and may intervene to rebuild reserves, limiting appreciation.

Iraq: Iraq was added to the increased monitoring list, signaling ongoing strategic deficiencies in its AML/CFT regime.

State Bank of India: The RBI clarified the application of enhanced due diligence measures for Indian institutions, ensuring humanitarian and legitimate flows are not disrupted.

Iraq: Iraq hosts Iranian-backed militias; a base of an Iranian Kurdish opposition group in Iraq was attacked by drones.

State Bank of India: The RBI reported a rise in India's forex reserves, but the rupee's fall reflects market stress from the crisis.