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FRANK26: FOREIGN EXCHANGE AUCTIONS END... KNOW THE DIFFERENCE".....F26
Central Bank announces major achievement in foreign transfers
January 01, 2025
The Central Bank of Iraq announces its success in adhering to its program related to the transition from foreign transfers via the electronic platform to the work of Iraqi banks through their foreign correspondent banks. This transition took place through stages that the foreign transfer process went through, starting with the window for buying and selling foreign currency and moving to the stage of the electronic platform for foreign transfers, and ending with operations to gradually enhance balances during the year 2024 and was fully achieved in the last week of this year.
This achievement is a radical transformation in line with the best international standards and practices to achieve a stable and secure financial system, and this work has received international support and praise throughout its implementation stages.
The new transfer methodology is consistent with international practices followed in this field, which separate the responsibilities and duties of the Central Bank from the obligations, responsibilities and role of commercial banks. From this standpoint, the Central Bank of Iraq will continue to enhance the balances of Iraqi banks with their correspondent banks in the US dollar, in addition to a group of other currencies, such as (the Indian rupee, the Chinese yuan, the euro, the UAE dirham, the Saudi riyal, and the Jordanian dinar). This achievement has enhanced the efficiency and safety of foreign transfer operations, and their transition to the method followed in all countries of the world, which will make Iraq approach a new stage in its financial relations regionally and internationally and enhance the government’s orientations in expanding its economic relations and enhancing investment opportunities.
The efforts in this important achievement came through a series of ongoing detailed technical procedures and agreements, and great support from the Iraqi government, and the bank will continue to follow modern methods in managing monetary policy in Iraq, in line with its essential role in achieving financial stability, and its position among central banks in the region and the world, which will be positively reflected in the confidence and support of the external financial sector of Iraq and international financial and economic organizations.
Through this, the management of the Central Bank of Iraq seizes this important opportunity to express its thanks and appreciation to all those who contributed to achieving this great accomplishment, first and foremost the cadres of the Central Bank of Iraq, the banking sector in Iraq, and all international partners.
Finally, the Central Bank of Iraq expresses its full readiness to support all Iraqi banks that work to develop and enhance their performance in the field of governance, compliance, and combating money laundering in a way that positively reflects on the confidence of international and regional banks in them to contribute to strengthening the Iraqi banking system and the Iraqi economy in general.
Happy New Year to you all.
Central Bank of Iraq
Media Office
January 1, 2025
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The Central Bank announces the suspension of the electronic platform mechanisms related to selling the dollar
1/1/2025
Baghdad
The Central Bank of Iraq announced, today, Wednesday, January 1, 2025, the suspension of work on the electronic platform mechanisms related to selling the dollar.
The Deputy Governor of the Central Bank, Ammar Khalaf, told the official agency, which was followed by “Baghdad Today”, that: “The mechanism of work on the electronic platform related to foreign transfers has stopped working, but financing foreign trade continues through correspondent banks according to different mechanisms that are parallel to what is in effect in the countries of the world.”
He pointed out that "dollars will continue to be given to travelers at airports according to the approved mechanism, which is the best in limiting the traveler's access to dollars."
The Central Bank of Iraq announced yesterday, Wednesday, that it had achieved a major accomplishment in foreign transfers, while indicating that it would continue to follow modern methods in managing monetary policy in Iraq.
The bank's statement stated that "the bank succeeded in adhering to its program related to the transition from foreign transfers via the electronic platform to the work of Iraqi banks through their foreign correspondent banks," noting that "this transition took place through stages that the foreign transfer process went through, starting with the window for buying and selling foreign currency and moving to the stage of the electronic platform for foreign transfers, and ending with operations to gradually enhance balances during the year 2024 and was fully achieved in the last week of this year."
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"I LIKE THINGS IN THREES"...........F26
Central Bank: We have started working with the corresponding banking system
1/1/2025
Baghdad
The Central Bank of Iraq confirmed, today, Wednesday (January 1, 2025), its success in adhering to its program related to foreign transfers and moving to work with the correspondent banking system.
A statement by the bank, received by “Baghdad Today”, said, “The transition has been made from external transfers via the electronic platform to the work of Iraqi banks through their banks via external correspondence.
The bank added, “This transition is taking place through stages of the external transfer process, starting with the foreign currency buying and selling window and moving to the stage of the electronic platform for external transfers, and ending with operations to gradually enhance balances during 2024.” and was fully achieved in the last week of this year.”
He stated that "this achievement is a radical transformation and is in line with the best international standards and practices to achieve a stable and secure financial system, and this work has received international support and praise throughout its implementation stages," indicating that the new transfer The methodology is consistent with international practices followed in this field, which separate the responsibilities and duties of the Central Bank from the obligations, responsibilities and role of commercial banks.
The Central Bank of Iraq confirmed its readiness to support all Iraqi banks that work to develop and enhance their performance in the field of governance, compliance, and combating money laundering in a way that positively reflects on the confidence of international and regional banks in them to Contribute to strengthening the Iraqi banking system and the Iraqi economy in general.
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