Thursday, January 2, 2025
Iraqi Central Bank opens new horizons with foreign transfers and strengthens international financial confidence, 2 JAN
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.
MAJEED : GET READY!!!, 2 DEC
MAJEED
get ready
“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 different mechanisms equivalent to what is is done in the countries of the world”
Tomorrow they are handling international transactions
Tomorrow Jan 2 they are going to Forex
LFGGGG
continues through correspondent banks according to different mechanisms equivalent to what is is done in the countries of the world”
Tomorrow they are handling international transactions
Tomorrow Jan 2 they are going to Forex
LFGGGG
Wednesday, January 1, 2025
The Central Bank announces the suspension of the work of the mechanisms of the electronic platform related to the sale of the dollar, 2 JAN
Baghdad Today – Baghdad
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.”
AJ : CBI Put out a statement: express its thanks and appreciation to all Those who contributed to achieving!!, 2 DEC
AJ
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
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