WASHINGTON: The US has removed sanctions on an Iraqi bank that was blacklisted last year for helping Iran skirt international financial controls over its nuclear activities.
The US Treasury said it removed the sanctions placed last July on Baghdad-based Elaf Islamic Bank after Elaf acted to freeze assets of the Export Development Bank of Iran and cut its exposure to Iran’s financial system.
The sanctions, part of the US effort to isolate Iran from the global economy over its alleged nuclear weapons program, had banned Elaf from any access to the US financial system.
At the time the Treasury said Elaf had knowingly facilitated financial transactions for the EDBI, on which both the US and European Union have placed strict controls for its role in financing the government in Tehran.
“Today we welcome Elaf Islamic Bank back into the US financial system, and we urge other designated individuals and entities around the world to follow its positive example,” said Treasury Under Secretary for Terrorism and Financial Intelligence David Cohen.
“As today’s delisting demonstrates, our sanctions are flexible and can be lifted if the conduct that led to the sanction terminates,” he said in a statement.
On Wednesday, Cohen told a US Senate committee that the sanctions on Iran were having an impact, slashing its oil export receipts by $ 3-5 billion a month, fueling inflation and sharply devaluing the Iranian rial.
Cohen said the US plans to block the sale of gold to Iranians, whether the government or individuals, from July 1, and has already pressed Turkey and the UAE — both gold-trading centers — to implement the measure.
Washington expects that choking off the supply of gold to Iranians will further deflate the currency and undermine the regime.
“They are dumping their rials to buy gold as a way to try to preserve their wealth. That is I think an indication that they recognize that the value of their currency is declining,” he told lawmakers.
US removes Iraqi bank from Iran sanctions list
US removes Iraqi bank from Iran sanctions list
Saudi POS transactions see 20% surge to hit $4bn: SAMA
RIYADH: Saudi Arabia’s total point-of-sale transactions surged by 20.4 percent in the week ending Nov. 29, to reach SR15.1 billion ($4 billion).
According to the latest data from the Saudi Central Bank, the number of POS transactions represented a 9.1 percent week-on-week increase to 240.25 million compared to 220.15 million the week before.
Most categories saw positive change across the period, with spending on laundry services registering the biggest uptick at 36 percent to SR65.1 million. Recreation followed, with a 35.3 percent increase to SR255.99 million.
Expenditure on apparel and clothing saw an increase of 34.6 percent, followed by a 27.8 percent increase in spending on telecommunication. Jewelry outlays rose 5.6 percent to SR354.45 million.
Data revealed decreases across only three sectors, led by education, which saw the largest dip at 40.4 percent to reach SR62.26 million.
Spending on airlines in Saudi Arabia fell by 25.2 percent, coinciding with major global flight disruptions. This followed an urgent Airbus recall of 6,000 A320-family aircraft after solar radiation was linked to potential flight-control data corruption. Saudi carriers moved swiftly to implement the mandatory fixes.
Flyadeal completed all updates and rebooked affected passengers, while flynas updated 20 aircraft with no schedule impact. Their rapid response contained the disruption, allowing operations to return to normal quickly.
Expenditure on food and beverages saw a 28.4 percent increase to SR2.31 billion, claiming the largest share of the POS. Spending on restaurants and cafes followed with an uptick of 22.3 percent to SR1.90 billion.
The Kingdom’s key urban centers mirrored the national decline. Riyadh, which accounted for the largest share of total POS spending, saw a 14.1 percent surge to SR5.08 billion, up from SR4.46 billion the previous week. The number of transactions in the capital reached 75.2 million, up 4.4 percent week-on-week.
In Jeddah, transaction values increased by 18.1 percent to SR2.03 billion, while Dammam reported a 14 percent surge to SR708.08 million.
POS data, tracked weekly by SAMA, provides an indicator of consumer spending trends and the ongoing growth of digital payments in Saudi Arabia.
The data also highlights the expanding reach of POS infrastructure, extending beyond major retail hubs to smaller cities and service sectors, supporting broader digital inclusion initiatives.
The growth of digital payment technologies aligns with the Kingdom’s Vision 2030 objectives, promoting electronic transactions and contributing to the nation’s broader digital economy.
