DINAR REVALUATION REPORT: PURPOSE OF THE CONTRACT BETWEEN CBI & AUDITING FIRM IN NY, 1 SEPT

Purpose of the Contract

Central Bank of Iraq Contracts International Auditing Firm in New York

The Central Bank of Iraq (CBI) has contracted with an international auditing company, Oliver Wyman, based in New York, to undertake a comprehensive review of the conditions of Iraqi banks. This initiative, led by CBI Governor Ali Al-Alak, who is currently in New York, specifically targets banks that have been banned from dealing in US dollars. 

The primary goal of engaging Oliver Wyman is to develop practical solutions for the reintegration of these banks into the Iraqi and international banking sectors. 1 The company will also focus on improving banking procedures in line with international standards. 3

Enhancing Banking Relations

This initiative aims to facilitate the process of establishing direct banking relations and improve the quality of services provided by banks to support the Iraqi economy. 1 Oliver Wyman is scheduled to start its operations in the coming period.  2

Diversifying International Transfers

In a related development, the CBI delegation in New York announced the commencement of a new phase in international transfer operations involving 13 Iraqi banks. 3 The initiative is aimed at diversifying currencies and facilitating global transfers, which will now include the Euro, Chinese Yuan, Indian Rupee, and UAE Dirham. 3

The international auditing firm E&Y has also been engaged to review these transfer operations to ensure compliance with international standards. 3 This move underscores CBI's commitment to maintaining high levels of transparency and security in foreign transfer operations.  3

Ongoing Efforts for Economic Growth

These initiatives are part of the Central Bank's ongoing efforts to support economic growth and expand international cooperation with global markets. 3The CBI is currently conducting an unannounced visit to the United States to discuss developments in Iraq's banking sector. 4