Central Bank: Closing the electronic platform will not affect the movement of remittances at all
economy | 09:47 - 01/16/2025 Mawazine News – Baghdad The Central Bank of Iraq confirmed that closing the platform will not affect the movement of remittances at all, while noting that transfers through this platform until 12/23/2024 are less than 7 percent of total sales.
A source explained to the official newspaper, which was followed by (Mawazine News), that "the aim of this step is to control financial operations and work within the international scope in the process of foreign transfers and adopt the method of correspondent banks, which contributes to enhancing the stability of the financial sector in light of the current circumstances.
" The Central Bank also indicated that "strengthening the balances of Iraqi banks that have correspondent banks abroad will continue as is," explaining that this does not mean stopping "currency selling" operations, but rather a change in their mechanisms within a method followed all over the world. ‘
He added that the mechanism for strengthening bank balances has changed, as it is now done through the accounts of Iraqi banks with correspondent banks directly, instead of the accounts that were done through the Central Bank, and that this new mechanism is dedicated to meeting the needs of imports and foreign trade of goods, commodities and services, which contributes to supporting the financial and economic stability of Iraq. https://www.mawazin.net/Details.aspx?jimare=258658
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