Foreign Currency at Iraqi Private Banks to be Increased

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Foreign Currency at Iraqi Private Banks to be Increased

The Central Bank of Iraq (CBI) reportedly agreed to support private Iraqi banks with foreign currency.

According to a government source quoted by the Iraqi News Agency (INA), it has been agreed after meetings with US officials in Abu Dhabi to increase the advance balance of five Iraqi banks in their dollar accounts with Jordanian banks and process remittances through JPMorgan. Another article by INA states that Citibank will support five other banks.

Singapore Development Bank will support 13 banks with Chinese yuan and two banks with Indian rupees, with more banks to be added in the next two weeks.