Starting today…a third of Iraq’s imports will be freed from the control of the dollar
2023-12-13 | 03:01
Starting today...a third of Iraqs imports will be freed from the control of the dollarThe Central Bank of Iraq announced today, Wednesday, the launch of the process of financing Iraqi imports from the Emirates with the Emirati dirham.
The Central Bank of Iraq stated in a statement received by “Al-Sumaria News”, “The Governor of the Central Bank of Iraq, Ali Mohsen Al-Alaq, met in Dubai with the Chairman of the First Abu Dhabi Bank Group, Hana Al-Rustamani, and during the meeting it was agreed to launch financial transfer operations between the two countries and finance trade and imports between Iraq.” And the United Arab Emirates in the UAE dirham currency through the First Abu Dhabi Bank.
The bank indicated that transfer operations in the UAE dirham will begin today, Wednesday, December 13, and the first phase of this agreement will be with five Iraqi banks, which will be gradually increased. He stated
that “this step comes within the framework of enabling Iraqi banks to establish relationships with reputable international banks, and it serves… “Towards reducing dependence on the electronic platform for financial transfers and working in accordance with the normal international practices adopted in strengthening Iraqi bank balances for the purposes of financing trade.”
Iraq’s imports from the UAE annually amount to more than 20 billion dollars, most of which are considered re-exports of goods from other countries, out of total imports to Iraq. It amounts to 60 billion dollars annually.
Accordingly, this means that approximately 35% of Iraq’s annual imports will not be made through the dollar in the future.
alsumaria.tv
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