The Territory Commercial Bank announces financing Iraq's trade with India in rupees
2/27/2024 Baghdad
The Territory Commercial Bank announced financing trade between Iraq and India in the rupee currency.
The bank said in a press statement, “We announce the launch of a pioneering initiative to enhance trade exchange between Iraq and India, where trading partners can now conduct their financial transactions in the Indian rupee. This step aims to facilitate and accelerate commercial operations between the two countries by providing simplified and effective financial solutions.”
He added, "Within the framework of this initiative, the Territory Commercial Bank opened an account in Indian rupees with DBS Bank in New Delhi, which allows cross-border financial transactions to be carried out more easily and efficiently. This transformation aims to eliminate the challenges related to currency exchange and reduce transaction costs and the time required to complete them." “This will reflect positively on the efficiency of trade between Iraq and India.”
The bank indicated that we assure our customers that all transactions in the Indian rupee will be conducted in accordance with the laws and directives set by the Central Bank of Iraq, to ensure complete safety and transparency in all operations.
The bank called on companies operating in the field of trade between Iraq and India to benefit from this service, which provides them with the opportunity to improve efficiency and reduce costs. LINK
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