GOLDILOCKS
Iraq has successfully transitioned to a system where Iraqi banks handle foreign transfers directly through their international correspondent banks, rather than through an electronic platform.
This shift, announced by the Central Bank of Iraq (CBI), aligns with international banking practices and improves the country's financial system.
Key points about the transition:
Shift from electronic platform:
Previously, the CBI managed foreign transfers through an electronic platform. This new system allows Iraqi banks to handle these transfers directly.
Improved compliance:
The CBI has been working to improve the compliance capacity of Iraq's financial system, enabling more Iraqi banks to establish international correspondent relationships.
Alignment with global standards:
This transition allows Iraqi banks to participate in the global banking system and conduct international transactions more efficiently.
FINAL STEPS
The CBI is still working to fully integrate all foreign currency transactions into this new system.
National Bank of Iraq, with its extensive network of correspondent banks, facilitates internal and external remittances, and trade finance services.
© Goldilocks
https://shafaq.com/en/Economy/Iraqi-Central-Bank-completes-transition-to-International-Standard-Banking-Practice#:~:text=Shafaq%20News/%20On%20Wednesday%2C%20the,through%20their%20international%20correspondent%20banks.
