The principal financial institution of Iraq announced nowadays, Wednesday, that it has completed a major accomplishment in overseas transfers, at the same time as indicating that it’s going to preserve to follow present day techniques in coping with financial coverage in Iraq.
A announcement via the bank acquired via dinaropinions.com stated that it “succeeded in adhering to its application related to the transition from overseas transfers via the electronic platform to the paintings of Iraqi banks through their foreign correspondent banks,” noting that “this transition occurred thru levels that the overseas switch technique went thru, starting with the window for getting and selling foreign forex and transferring to the degree of the electronic platform for overseas transfers, and ending with operations to regularly decorate balances for the duration of the yr 2024 and become fully finished within the remaining week of this year.”
He endured, “This success is a thorough transformation in line with the first-rate international standards and practices to achieve a strong and relaxed financial system, and this paintings has received global aid and praise all through its implementation stages,” indicating that “the brand new transfer method is steady with worldwide practices followed in this field, which separate the responsibilities and duties of the crucial bank from the duties, obligations and role of business banks. From this standpoint, the relevant financial institution of Iraq will preserve to decorate the balances of Iraqi banks with their correspondent banks within the US dollar, in addition to a group of different currencies, which include (the Indian rupee, the chinese language yuan, the euro, the UAE dirham, the Saudi riyal, and the Jordanian dinar).”
He introduced, “This fulfillment has more advantageous the performance and safety of foreign switch operations, and their transition to the method followed in all international locations of the world, to be able to make Iraq input a brand new phase in its economic members of the family locally and across the world and enhance the authorities’s orientations in expanding its financial relations and enhancing funding opportunities.”
He talked about that “the efforts in this important achievement got here thru a chain of ongoing exact technical methods and agreements, and tremendous help from the Iraqi government, and that the bank will keep to comply with cutting-edge strategies in handling financial policy in Iraq, consistent with its essential role in attaining monetary stability, and its function amongst valuable banks in the location and the arena, that allows you to be undoubtedly contemplated inside the confidence and support of the outside monetary area of Iraq and worldwide monetary and financial corporations.”
He defined that “thru this, the management of the crucial financial institution of Iraq seizes this important opportunity to explicit its thank you and appreciation to anybody who contributed to achieving this super accomplishment, first and essential the cadres of the valuable financial institution of Iraq, the banking quarter in Iraq, and all international partners.”
The declaration concluded, “The critical bank of Iraq expresses its full readiness to guide all Iraqi banks that work to develop and decorate their overall performance within the subject of governance, compliance, and preventing money laundering in a manner that reflects positively at the confidence of worldwide and local banks in them to contribute to strengthening the Iraqi banking device and the Iraqi economy in wellknown.”
