IMPORTANT IRAQ NEWS: The Central Bank Successfully Completes Its External Transformations.. Statement on Strengthening Balances and Stability, 15 JAN

 The Central Bank Successfully Completes Its External Transformations.. Statement on Strengthening Balances and Stability

The Central Bank of Iraq has 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.

 In a statement by the Central Bank, which Al-Masry reviewed today, Sunday, “The transition took place through stages that the external transfer process went through, starting with the window for buying and selling foreign currency and moving to the stage of the electronic platform for external transfers, and ending with operations to gradually enhance balances during the year 2024 and was fully achieved in the last week of this year.”

The Central Bank promised “the achievement of a radical transformation in line with the best international standards and practices to achieve a stable and secure financial system, and this work received international support and praise throughout the stages of its implementation.”

The statement stressed that “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 Emirati dirham, the Saudi riyal, and the Jordanian dinar), and that 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.”

He pointed out that “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 that 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.”

The statement explained that the management of the Central Bank of Iraq seizes this important opportunity to express its thanks and appreciation to everyone 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.

The statement concluded by saying, “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.”