Source: Iraqi banks will begin strengthening their accounts in UAE dirhams next week

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Source: Iraqi banks will begin strengthening their accounts in UAE dirhams next week

According to a banking source on Saturday, the Central Bank of Iraq has finalized its agreement with First Abu Dhabi Bank from the UAE.

According to a source, the implementation of enhancement operations for Iraqi bank accounts in UAE dirham is expected to commence next week. The source further revealed that the first phase of enhancement will cover five Iraqi private banks.

After evaluating the first phase of implementation, the number of banks is expected to double within a few weeks, according to the source.

On Saturday, November 11, Iraqi officials revealed extensive meetings held by the Central Bank with the American side in the UAE. The meetings resulted in important decisions regarding foreign transfers and strengthening bank balances in dollars.