The National Bank of Iraq (CBI) declared the results of a significant level designation visit to the US, drove by Lead representative Ali Mohsen Al-Alaq, from August 26 to 29, 2024.
In addition to major financial institutions like Visa, Mastercard, MoneyGram, Citi Bank, and JP Morgan, the delegation also met extensively with international auditing firms like KPMG, Ernst & Young, K2i, and Oliver Wyman in New York.
The gatherings featured the CBI’s critical headways in observing unfamiliar exchanges and money deals of U.S. dollars, adjusting its frameworks and approaches to global principles. These endeavors have upgraded straightforwardness in unfamiliar exchange funding and reinforced securities against illegal tax avoidance, psychological warfare supporting, and other monetary violations.
Additionally, by the end of this year, the CBI intends to switch from the current electronic platform for foreign transfer transactions to direct banking relationships between Iraqi banks and international correspondent banks. In order to contribute to a more stable exchange rate and a more robust financial system, this transition, which was developed in collaboration with partners around the world, aims to enhance the efficiency, transparency, and stability of Iraq’s financing of its foreign trade.
Moreover, conversations in New York zeroed in on extending Iraq’s organization of reporter banks and getting ready Iraqi banks to meet the prerequisites for opening records with global banks, working with exchanges in both U.S. dollars and other unfamiliar monetary forms.
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