Government Advisor: The Discussions Between The Iraqi Central Bank And The US Federal Reserve Achieved Advanced Results, 7 SEPT

 Government Advisor: The Discussions Between The Iraqi Central Bank And The US Federal Reserve Achieved Advanced Results

 
Economy   4-09-2024  Baghdad - INA - Amna Al-Salami   Advisor to the Prime Minister for Financial Affairs, Mazhar Muhammad Saleh, confirmed today, Wednesday, that the 

renewed understanding with the US Federal Reserve will allow the monetary authority to restore an internal banking market, while he indicated that the
 
results of the discussions between the Central Bank and the Federal Reserve are good and consistent with business rules, and pointed out that
 
it will allow the implementation of a precise path between... Iraqi and international banks.  Saleh said to the Iraqi News Agency (INA):

“We notice from the statement of the Central Bank of Iraq that there is optimism about the results of his delegation’s discussions with the Federal Reserve in the United States of America in particular and consultations with the parties of the main banking system in the United States, specifically (the large international banks concerned with banking operations). international cross-market ), and that
 
an advanced model of understandings has been achieved at this stage.”  He added,
 
"This came to document the path of steps and banking mechanisms adopted in external transfer, especially related to
 
     financing foreign trade for the benefit of the Iraqi market, and to
     ensure a degree of streamlines and high flexibility in the scope of external transfer operations and
 
through the active role that will be played by global correspondent banking entities that have high standards in terms of strong compliance." Disclosure and Governance.  He added,
 
"Such correspondent banking entities  around the world will undoubtedly be a counterpart to the 13 private commercial banks referred to in the statement of discussions issued by the Central Bank of Iraq, which dealt with the results of the discussions between the monetary authorities of both Iraq and the United States of America."  He stressed,
 
"This matter will allow the implementation of a clear and precise path in accelerating payments and settlements between Iraqi banks and global correspondent banks, as well as the final beneficiary in the trade financing cycle in the international trade and exchange areas that Iraq deals with by paying in different reserve currencies," noting that
 
"In addition to the dollar as a payment and settlement currency, other global currencies such as the euro, the British pound, and the Chinese yuan will take over the task, as well as important stable currencies such as the Emirati dirham and the Indian rupee, and the
 
basis of this coordination with the monetary authorities in the United States comes from the source of the country’s basic reserves  before going. To diversify into other international currencies is the United States dollar itself, verified from oil receipts deposited in the petrodollar currency at the Federal Reserve Bank.”  

He stated,   “Based on the above, such a renewed understanding, in accordance with the road map, will provide the monetary authority in our country with a clearly defined and highly flexible plan to rebuild the internal banking market and on solid reform foundations that are consistent with the standard work rules adopted in international banking, especially in the issue of Building external banking relationships and safely moving funds across the global financial and banking systems.”
 
https://www.ina.iq/216201--.html