In Jordanian Dinar and Saudi Riyal..Iraq expands foreign transfers with new currencies
The Central Bank of Iraq announced, on Thursday, the expansion of external transfer channels for local banks, to include new currencies other than the dollar, namely: the Jordanian dinar and the Saudi riyal.
The bank also decided to allow Iraqi banks to finance trade with Turkey in euros, after it was previously restricted to use with European Union countries, in addition to transfers available in US dollars, Emirati dirhams, Chinese yuan and Indian rupees.
The bank explained in a statement today that "this step comes within its efforts to expand foreign trade financing options in various currencies and channels, and the bank has begun taking the necessary measures to meet banks' requests in these currencies."
The statement also indicated that "this expansion in the foreign transfer channels provides transfer operations at the official price, and aims to streamline the transfer and involve a greater number of banks in foreign transfer operations, and expand the horizons of economic cooperation between Iraq and other countries, especially in light of the bank's efforts to find other channels to meet the volume of demand for various foreign currencies according to Iraq's dealings with those countries."
The bank confirmed that "a smooth transition took place during 2024 from the electronic platform to directly approved correspondent banks, and thus the Central Bank achieved a fundamental transformation in line with international banking practices, and this transition is widely praised." link
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