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The Central Bank announces the participation of Iraqi banks in external transfers in multiple currencies
August 30, 2024
The delegation of the Central Bank of Iraq in New York announced the start of the new phase of foreign transfer operations with the participation of (13) Iraqi banks, in an important step aimed at enhancing the diversity of currencies and facilitating international transfer operations.
This announcement came after reaching an agreement on the mechanisms for regulating these operations, as it will include dealing in the euro, Chinese yuan, Indian rupee, and UAE dirham.
The delegation confirmed the definition of the scope of work of the international auditing company E&Y, which will review the transfer operations to ensure their safety and compliance with international standards. This step is a reflection of the Central Bank of Iraq's commitment to achieving the highest levels of transparency and security in all foreign transfer operations, and enhancing confidence in the Iraqi financial system.
This initiative came within the framework of the Central Bank of Iraq's ongoing efforts to support economic growth and expand the horizons of international cooperation with global markets.
Central Bank of Iraq
Media Office
August 30, 2024
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8/30/2024
Baghdad - WAA
The Central Bank of Iraq announced, today, Friday, the participation of 13 Iraqi banks in the external transfer.
A statement by the bank - received by the Iraqi News Agency (INA) - stated that "the delegation of the Central Bank of Iraq announced in New York the start of the new phase of foreign transfer operations with the participation of (13) Iraqi banks, in an important step aimed at enhancing the diversity of currencies and facilitating international transfer operations."
The statement added that "the announcement came after reaching an agreement on the mechanisms for regulating these operations, as it will include dealing in the euro, Chinese yuan, Indian rupee and Emirati dirham."
The delegation confirmed - according to the statement - "determining the scope of work of the international auditing company E&Y, which will review the transfer operations to ensure their safety and compliance with international standards. This step is a reflection of the Central Bank of Iraq's commitment to achieving the highest levels of transparency and security in all foreign transfer operations and enhancing confidence in the Iraqi financial system."
The statement concluded that "this initiative came within the framework of the Central Bank of Iraq's ongoing efforts to support economic growth and expand the horizons of international cooperation with global markets."
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