On Wednesday, the crucial financial institution of Iraq (CBI) announced the a success completion of its software transitioning foreign transfers from its digital platform to being handled directly via Iraqi banks thru their global correspondent banks.
“This process started with the overseas foreign money income and purchase window, stepped forward to the digital platform for foreign transfers, and culminated in the sluggish enhancement of balances for the duration of 2024, absolutely found out inside the very last week of the year,” the CBI said in a statement.
The declaration hailed the fulfillment as a “fundamental shift aligned with worldwide fine practices to set up a solid and comfortable financial gadget,” noting that the initiative had received significant global guide and reputation at each level.
furthermore, the imperative bank confused that the brand new technique displays international standards by truly delineating the roles and duties of principal banks from the ones of commercial banks, “This transition aligns with worldwide practices (ISBP) in keeping apart the significant financial institution’s supervisory obligations from the commitments and roles of business banks.”
The bank also announced its endured guide for Iraqi banks, confirming it’s going to bolster their balances in correspondent banks the usage of a diverse range of currencies, including the united states dollar, Indian rupee, chinese language yuan, euro, UAE dirham, Saudi riyal, and Jordanian dinar.
Highlighting the broader implications of this pass, the statement mentioned, “This success enhances the performance and safety of overseas transfer operations, adopting methods consistent with international practices. It marks a new chapter in Iraq’s economic relationships regionally and the world over, assisting government efforts to expand financial ties and foster investment possibilities.”
In end, the CBI expressed its dedication to supporting Iraqi banks in enhancing their governance, compliance, and anti-money laundering measures, “we are completely prepared to guide all Iraqi banks in advancing their performance, thereby bolstering worldwide and nearby consider in them and contributing to strengthening Iraq’s banking gadget and financial system as an entire.”