Iraqi Central Bank Streamlines International Transfers
2nd January 2025 By John Lee.
The Central Bank of Iraq (CBI) has announced the successful transition of external transfers from an electronic platform to direct operations by Iraqi banks through their international correspondent banks.
According to a CBI statement, this milestone, fully achieved at the end of December, aligns with global best practices, promoting a stable and secure financial system.
Key highlights include:
Modernisation Journey: Transfers evolved from a currency sale window to an electronic platform and now to correspondent banking systems.
Diverse Currency Support: Iraqi banks can now enhance balances with correspondent banks using various currencies, including USD, INR, CNY, EUR, AED, SAR, and JOD.
Global Integration: The system improves efficiency and aligns Iraq's financial operations with international standards, boosting regional and global financial relationships.
Investment and Trust: This achievement strengthens Iraq's appeal for investment and enhances international financial confidence.
The CBI attributed this progress to extensive technical planning, governmental support, and the contributions of its staff, Iraqi banking institutions, and international partners.
The bank reaffirmed its commitment to fostering good governance, compliance, and anti-money laundering measures, further solidifying Iraq's financial system.
(Source: CBI) LINK
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