The Central Bank of Iraq announced on Wednesday, January 1, 2025, the suspension of the work of the electronic platform mechanisms related to the sale of dollars.
The deputy governor of the Central Bank, Ammar Khalaf, told the official agency, followed by Baghdad Today: “The mechanism of work on the electronic platform related to external transfers has stopped working, but the financing of foreign trade continues through correspondent banks according to various mechanisms equivalent to what is applied in the countries of the world.”
He pointed out that “the dollar continues to be granted to travelers at airports according to the approved mechanism, which is the best in limiting the dollar to the traveler.”
The Central Bank of Iraq announced on Wednesday a major achievement in foreign transfers, while indicating that it continued to follow modern methods in managing monetary policy in Iraq.
A bank statement stated that “the bank succeeded in committing to its program related to moving from external transfers through the electronic platform to the work of Iraqi banks through their external correspondent banks,” pointing out that “this transition took place through stages in which the external transfer process passed, which began with the sale and purchase of foreign currency window and moved to the stage of the electronic platform for external transfers, and ended with the gradual enhancement of balances during 2024 and was achieved completely in the last week of this year.”
CBI Put out a statement: express its thanks and appreciation to all Those who contributed to achieving this great accomplishment.
Also which will make Iraq approach a new stage in its financial relations regionally and internationally.
The Central Bank of Iraq announces its success in adhering to its program related to the transition from foreign transfersvia the electronic platform to the work of Iraqi banks through their foreign correspondent banks.
This transition took place through stages that the foreign transfer process went through, starting with the window for buying and selling foreign currency and moving to the stage of the electronic platform for foreign transfers, and ending with operations to gradually enhance balances during the year 2024 and was fully achieved in the last week of this year.
This achievement is a radical transformation in line with the best international standards and practices to achieve a stable and secure financial system, and this work has received international support and praise throughout its implementation stages.
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 UAE dirham, the Saudi riyal, and the Jordanian dinar).
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.
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 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.
Through this, the management of the Central Bank of Iraq seizes this important opportunity to express its thanks and appreciation to all those 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.
Finally, 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.
Happy New Year to you all.
Central Bank of Iraq
Media Office
January 1, 2025
The Central Bank of Iraq, on Wednesday, January 1, 2025, confirmed its success in committing to its program related to foreign transfers and moving to the correspondent bank system.
A statement from the bank, received by Baghdad Today, said that “it has been transferred from external transfers through the electronic platform to the work of Iraqi banks through their banks through external correspondence.
The bank added that “this transition is taking place through stages of the external transfer process, which began with the foreign currency sale and purchase window and moved to the stage of the electronic platform for external transfers, and ended the gradual strengthening of balances during 2024 and was fully achieved in the last week of this year.”
He said that “this achievement has changed radically and is consistent with the best international standards and practices to achieve a stable and secure financial system, and this work has received international support and praise through the stages of its application,” noting that the new transfer methodology is consistent with international practices in this field, which separates the responsibilities and duties of the Central Bank with the obligations, responsibilities and role of commercial banks
.
The Central Bank of Iraq is ready to support all Iraqi banks that are working to develop and enhance their performance in the field of governance and compliance, and combating money laundering in a way that reflects positively on the confidence of international and regional banks in them to contribute to strengthening the Iraqi banking system and the Iraqi economy in general.
Showtime At The Bank Exchange
Curtains rise on long-held dreams the vault doors creak open, and the audience of patient holders takes center stage.
The spotlight gleams on crisp notes, and whispers of revaluation ripple like a well-rehearsed overture. The long wait wasn’t for nothing it was for the grand reveal, the final act in a performance years in the making.
Today, fortunes dance beneath chandeliers, and those who held the line now toast to a future rewritten. The exchange isn’t just a transaction it’s the encore we've been waiting for.
Are you ready to take center stage?
Have you read the script?
Have you rehearsed your lines?
Because you are about to put on a live performance of a lifetime.
Let's give the people what they want and put on a show no one will ever forget.
Step into your role. Because "The Final Act" is what will change the course of history for us all.
Goodluck out there everyone.
Quote
Majeed KSA
@majeed66224499
·
Iraq is INTERNATIONAL
“Iraq’s leading fintech ‘Qi Card’ and ‘Ant International’ LAUNCH SuperQi App with digital banking capabilities”
1.Powered by Alipay+ Wallet Tech solutions, SuperQi integrates a digital lifestyle super app with a
