Iraqi Central Bank opens new horizons with foreign transfers and strengthens international financial confidence, 2 JAN

 Iraqi Central Bank opens new horizons with foreign transfers and strengthens international financial confidence

Mawazine News – Economy

The Central Bank of Iraq announced on Wednesday a qualitative leap in the field of external remittances, stressing its commitment to modern methods of managing monetary policy in Iraq.


A statement issued by the bank, received by “Mawazin News”, explained that “the transition from external transfers through the electronic platform to the work of Iraqi banks with their foreign correspondent banks took place with full success during the last week of 2024, after gradual stages that included the use of the window of buying and selling foreign currency and the electronic platform.”


The statement pointed out that “this achievement represents a radical transformation in line with international best practices and standards, and enhances the financial stability in the country,” praising the international support that the project received throughout the stages of its implementation.


The bank added that “the new methodology separates the responsibilities of the Central Bank and the role of commercial banks, which enhances the efficiency and safety of external transfers, indicating that he will continue to strengthen the balances of Iraqi banks with their correspondent banks in US dollars along with other currencies such as the Indian rupee, the Chinese yuan, the euro, the UAE dirham, the Saudi riyal, and the Jordanian dinar.”


The statement stressed that this step will contribute to opening a new stage of regional and international financial relations, which strengthens the Iraqi government’s orientations towards expanding economic relations and increasing investment opportunities.


He pointed out that the achievement was achieved thanks to a series of technical procedures and ongoing agreements, with the great support of the Iraqi government, expressing his thanks to the cadres of the Central Bank, the Iraqi banking sector and international partners.


The bank concluded the statement, expressing its readiness to support Iraqi banks in developing their performance in the fields of governance, compliance, and combating money laundering, with the aim of enhancing international confidence in the Iraqi banking system and supporting the national economy.