The National Bank of Iraq (CBI) has reported the consequences of a significant level designation visit drove by Lead representative Ali Mohsen Al-Alaq to the US from August 26 to 29, 2024.
CBI confirmed in a statement that the delegation met extensively in New York, including discussions with the Federal Reserve and the Treasury Department. The appointment additionally met with delegates from significant organizations like Visa, Mastercard, and MoneyGram, as well as monetary foundations like Citi Bank and JP Morgan, and global evaluating firms including KPMG, E&Y, K2i, and Oliver Wyman.
The Central Bank of Iraq’s significant reforms, particularly its improvement in oversight of international transfers and cash sales of US dollars, were the focus of the meetings. The banking and financial sectors have been protected from money laundering, terrorism financing, and other financial crimes thanks to these enhancements, which have aligned Iraq’s financial systems, policies, and procedures with both international and local standards.
CBI declared plans for a year-end gathering between its authorities and worldwide accomplices to examine the shift from the electronic stage for global exchanges to coordinate financial connections between Iraqi banks and their worldwide journalists. As planned by the CBI, this transition will enable the Federal Reserve and the CBI to concentrate on supervisory responsibilities, enhancing the stability, effectiveness, and transparency of Iraq’s foreign trade financing. This move is additionally expected to balance out trade rates and fortify the general proficiency of Iraq’s monetary framework.
Also, the New York gatherings addressed techniques to grow Iraq’s organization of worldwide reporter banks and to get ready Iraqi banks to meet the fundamental prerequisites for opening records with these worldwide establishments. This initiative aims to make it easier to conduct financial transactions, whether they involve transferring US dollars or other currencies.
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