Source: The Central Bank finalizes arrangements with an Emirati bank to strengthen Iraqi banks with dirhams

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Source: The Central Bank finalizes arrangements with an Emirati bank to strengthen Iraqi banks with dirhams

A banking source revealed on Saturday that the Central Bank of Iraq has finalized arrangements with Abu Dhabi Bank to strengthen Iraqi banks with the UAE dirham.

The official news agency reported that the Central Bank of Iraq has finalized an agreement with First Abu Dhabi Bank to strengthen Iraqi banks using the UAE dirham.

He said, “We hope to begin the actual implementation of the strengthening operations for Iraqi bank accounts in the UAE dirham during the next week.”

During a recent announcement, he stated that five Iraqi private banks will be included in the first phase of reinforcements. It is anticipated that the number of banks will increase twofold after assessing the initial stage of implementation, which may take a few weeks.