According to a statement issued by the Central Bank, the delegation of the Central Bank of Iraq in New York made the announcement of the beginning of the new phase of foreign transfer operations, which will include dealing in the euro, Chinese yuan, Indian rupee, and UAE dirham, with the participation of thirteen Iraqi banks. This is an important step aimed at increasing the variety of currencies and making international transfer operations easier.
The international auditing firm E&Y, which will examine the transfer operations to ensure their safety and compliance with international standards, was confirmed by the delegation as having a defined scope of work. This step is an impression of the National Bank of Iraq’s obligation to accomplishing the most elevated levels of straightforwardness and security in all unfamiliar exchange tasks, and improving trust in the Iraqi monetary framework.
According to the statement, the Central Bank of Iraq’s ongoing efforts to support economic growth and broaden the scope of international cooperation with global markets included this initiative.
The Central Bank of Iraq is currently making an unannounced visit to the United States of America, according to a reliable source, to discuss recent developments in the Iraqi banking sector.
According to the source, a delegation from the Central Bank of Iraq, led by the Governor of the Central Bank, Ali Al-Alaq, as well as a number of general managers, has been in the United States of America since the 26th of this month to discuss developments in the banking sector as well as the restrictions on the use of the dollar that a large number of private banks have imposed.
He mentioned that the Central Bank delegation discussed canceling the platform at the beginning of next year and relying on correspondent banks, which would completely eliminate competition in favor of Jordanian banks with American correspondent banks and increase restrictions on Iraqi private banks.
According to the source, the Central Bank is close to signing a contract with Oliver Wyman, the Iraqi Development Road’s consulting firm, to conduct a study on reforming the Iraqi banking sector. This will allow the study to be approved by the Central Bank in the near future and be regarded as a roadmap for reforming the private banking sector.
On the other hand, the absence of an announcement regarding the Iraqi Central Bank’s visit to the United States surprised a number of economists, particularly considering that it occurs at a crucial moment.
