A high-level negotiating delegation from the Central Bank in New York City, USA , 1 SEPT

 A high-level negotiating delegation from the Central Bank in New York City, USA

The Central Bank of Iraq announced the results of the visit of the delegation headed by His Excellency the Governor of the Central Bank, Mr. Ali Mohsen Al-Alaq, to ​​the United States of America, which lasted from August 26 to 29, 2024.

The Central Bank of Iraq confirmed that a high-level negotiating delegation headed by His Excellency the Governor, Ali Mohsen Al-Alaq, held a series of intensive meetings in New York City, USA, which included discussions with the US Treasury Department and the Federal Reserve Bank, in addition to meetings with a group of companies (Visa, Mastercard and MoneyGram) as well as banks (Citi Bank and JP Morgan) as well as international auditing firms (KPMG, E&Y, K2i and Oliver Wyman).

Adding that the participants in the meetings praised the major transformations accomplished by the Central Bank of Iraq, which represent an unprecedented achievement at the country level, as the bank has achieved remarkable progress in the procedures for monitoring foreign transfers and cash sales of the US dollar, which has led to improving systems, 

policies and procedures in accordance with international and local standards, enhancing transparency in covering foreign trade and providing protection for the banking and financial sector from the risks of money laundering, financing terrorism and financial crimes. 

Announcing a meeting between officials of the Central Bank of Iraq and its international partners at the end of this year regarding the major transformation in ending the work of the electronic platform for foreign transfers and replacing it with direct banking relations between Iraqi banks and the network of international correspondent banks, according to the plan developed by this bank, and implemented internationally ,

 which will allow the Central Bank of Iraq and the Federal Reserve Bank to exercise their supervisory roles away from executive procedures, as this transformation will have important repercussions in the stability, fluidity and transparency of the country's foreign trade financing operations, indicating that it aims to achieve the required stability in exchange rates, 

which in turn will lead to enhancing the efficiency of the financial system in Iraq. Noting that the meetings in New York City also addressed mechanisms for expanding the network of international correspondent banks and qualifying Iraqi banks to meet the necessary requirements to open their accounts with international correspondent banks, with the aim of enabling them to complete their financial transactions, whether through external transfers in US dollars or other foreign currencies.

Central Bank of Iraq

Media Office

August 30, 2024

The Central Bank announ...