The Central Bank of Iraq agreed with an American delegation to supply the bank with the required amount of dollar currency for the coming year, per an announcement on Thursday.
The bank announced that their delegation had concluded meetings with the US Federal Reserve and Treasury Department in Dubai.
During the meetings, several agreements were made to support the policies of the Central Bank of Iraq. These agreements are aimed at facilitating relationships between Iraqi banks and correspondent banks. Additionally, the agreements are intended to improve the advance balance of these banks’ accounts by gradually transitioning their operations.
According to a statement, the Central Bank of Iraq has announced its plan to gradually reduce reliance on the electronic platform. This will continue until the platform completely ends its work by next year. From that point, it will only be used to record financial transfers for the purposes of control, auditing, and analysis.
The Central Bank of Iraq is committed to supporting and enhancing the capabilities of Iraqi banks to operate in accordance with international practices, according to Governor Ali Al-Alaq.
It was agreed upon and approved by the relevant authorities to fulfill the Central Bank of Iraq’s request for cash shipments in the year 2024, as stated in the statement.
The Central Bank of Iraq’s statement reported several agreements were made to enhance Iraqi banks’ capabilities and compliance with international standards during the meetings.
