The Iraqi Central Bank decides to add the Saudi riyal and the Jordanian dinar, 21 DEC

 The Iraqi Central Bank decides to add the Saudi riyal and the Jordanian dinar

Economy News – Baghdad

The Central Bank of Iraq announced the expansion of external transfer channels for local banks, to include new currencies: the Jordanian dinar and the Saudi riyal, and allowing Iraqi banks to finance trade with Turkey in euros after it was limited to its use with the European Union countries.

The Central Bank’s Media Office said in a statement received by “Economy News” that “this step comes within its efforts to expand the options of financing foreign trade in various currencies and channels, and the bank has initiated taking the necessary measures to meet the requests of banks in these currencies.”

The Central Bank pointed out that “this expansion in external transfer channels provides transfers at the official rate, and aims to streamline the transfer and engage more banks in external transfers, and expand the horizons of economic cooperation between Iraq and other countries, especially in light of the bank’s quest to find other channels to meet the size of demand for various foreign currencies according to Iraq’s dealings with those countries.

It should be noted that a smooth transition took place during 2024 from the electronic platform to the approved correspondent banks directly, thus achieving a fundamental transformation in line with international banking practices, and this transition is widely praised.