An economist talks about new procedures after stopping transfers
Mawazine News _ Baghdad
“The statements and interviews conducted by the Governor of the Central Bank of Iraq, Ali Al-Alak in New York over three days with US Treasury officials, gave a new boost and confidence to the Iraqi banking system,” economic expert Osama Al-Tamimimi said.
Al-Tamimi described the advanced steps to join the global banking system in terms of expanding experience and international banking relations, which will increase knowledge in control procedures for external transfers and direct sales of the dollar.
The economist explained: “Thus, it will lead to the development of systems in line with international and local standards and the development of the system of covering foreign trade and protecting the banking and financial sector from money laundering and terrorist financing.”
He went on to say: “The Central Bank of Iraq will stop dealings in the future with foreign correspondent banks and reduce dependence on them, after developing the Iraqi banking relations network, gaining the necessary experience and reducing the commissions achieved due to external coverage transactions and the end of work.
The electronic platform gradually in order to transfers and replace them with direct banking relations between Iraqi banks and the international correspondent bank network, as well as stabilizing the exchange rate in the local market.
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