The Central Bank of Iraq has initiated direct transfer operations via 20 banks in eight foreign currencies, praised during talks with U.S. financial authorities. This represents a shift towards modern banking practices, with further qualification programs for non-participant banks. No new sanctions are involved, and the focus remains on enhancing Iraq’s banking standing internationally.
Central Bank of Iraq Governor Ali al-Alaq announced that 20 Iraqi banks have begun direct transfer operations in eight different foreign currencies. This development is part of efforts to enhance the foreign remittance system and align with international banking practices. Al-Alaq spoke about the positive outcomes of recent meetings in Dubai with the U.S. Federal Reserve and Treasury, which praised the Central Bank’s initiatives.
Al-Alaq highlighted that this transformation marks a significant milestone for Iraq, transitioning from traditional banking methods to a more sophisticated system involving correspondent banks. The direct transfer operations allow for better integration with international financial markets. Furthermore, additional banks that have yet to implement these measures are currently being prepared to meet the established criteria, in collaboration with an international consulting firm.
He reassured that no new sanctions or changes had been imposed on the banking operations, but rather there has been recognition from international entities regarding the effective mechanism for selling cash dollar transactions. Al-Alaq emphasized the importance of highlighting these successes to improve Iraq’s banking image in the eyes of global financial institutions.
In summary, the Central Bank of Iraq is making significant strides in modernizing the banking sector by enabling direct transfer services across 20 banks. These developments aim to enhance efficiency, transparency, and international relations, reflecting a positive shift towards accepting Iraq’s banking practices. The ongoing preparations for the remaining banks indicate a commitment to expanding these capabilities further.
Original Source: ina.iq
