Central Bank: Agreement on trade exchange with Turkey (dinar versus euro or Turkish lira)
Central Bank - Agreement on trade exchange with Turkey - dinar versus euro or Turkish liraOn Saturday, the Central Bank of Iraq announced an agreement to make arrangements between Iraqi banks and their Turkish counterparts through intermediary banks.
The bank said in a statement, a copy of which was received by Jarida , that “the discussions conducted by a joint Iraqi delegation (the government, the central bank, the Association of Iraqi Private Banks, and the banking sector represented by a number of private banks) were completed in Istanbul and returned to Baghdad yesterday morning.”
He explained, “The discussions culminated in an agreement to make banking arrangements between Iraqi banks and their Turkish counterparts through intermediary banks to ensure trade exchange for major merchants and importers, and to make and pay remittances in the euro and Turkish lira currencies.”
It was also agreed to “organize the trade exchange for small merchants and retailers (dinar in exchange for euros or Turkish lira) under arrangements with combined transfers according to a commercial organization that guarantees the integrated cycle of the commercial process (depositing in dinars inside Iraq, paying in euros or lira in Turkey, shipping goods from Turkey to Iraq.” ).
He continued, “This would facilitate the external transfer of thousands of Iraqi merchants and spare them from working through non-fundamental means. This also comes in the context of regulating trade and external transfer in accordance with sound practices and standards and within the framework of the comprehensive plan pursued by the Central Bank to open multiple channels, outlets and currencies with the aim of maintaining stability.” The financial system, protecting it from risks, and achieving general price stability by covering imports at the official price, which is confirmed by controlling inflation rates.
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