CENTRAL BANK: 20 IRAQI BANKS PRACTICE DIRECT TRANSFER OPERATIONS IN 8 FOREIGN CURRENCIES, 6 MARCH

 CENTRAL BANK: 20 IRAQI BANKS PRACTICE DIRECT TRANSFER OPERATIONS IN 8 FOREIGN CURRENCIES

The Governor of the Central Bank, Ali Al-Alaq, confirmed today, Tuesday, that there are 20 Iraqi banks practicing direct transfer operations in 8 foreign currencies.

Al-Alaq said, according to the official agency, that “the recent quarterly meetings with the US Federal Reserve and the Treasury Department, which were held in Dubai, were very positive, as the steps taken by the Central Bank to improve the foreign transfer system and convert operations to international practices in a safe, transparent and highly organized manner were praised.”

Al-Alaq pointed out that “this transformation is the first of its kind in Iraq, which witnessed transitional stages from (the window) to (the platform) and then to correspondent banks.”

He continued, “Today, there are 20 Iraqi banks practicing direct transfer operations with international correspondents in eight foreign currencies, within the new system.”

Al-Alaq explained that “the other banks that are still outside this framework are now working to qualify them according to specific standards, in cooperation with an international consulting company, to apply the necessary standards that qualify them to join foreign transfer operations.”

He stressed that “there are no new sanctions or changes, but on the contrary,  there is praise and appreciation from international bodies, especially with regard to the mechanism of selling cash dollars.

” Al-Alaq stressed the “need to focus on these successes to show a positive image of the transformations in the Iraqi banking sector, which will be positively reflected in the dealings of international financial institutions with Iraqi banks.”