Prime Minister: We will switch to the correspondent banking system to conduct 100% of foreign transfers by early 2025
Iraqi Prime Minister Mohammed Shia al-Sudani said that Iraq will switch to a correspondent banking system to conduct 100% of foreign transfers early next year.
This came during discussions he held with US Deputy Treasury Secretary Wally Adeyemo and a number of officials in the ministry regarding the government's efforts and plans for economic and financial reform, the move towards diversifying sources of Iraqi output, enhancing development targets, and practical measures implemented in the field of combating money laundering.
Al-Sudani stressed that the government has made great strides in the financial and banking reform file and that 95% of bank transfers are made through the electronic platform, and the remainder will be completed by the end of this year. link
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