The outcomes of the delegation’s visit to the United States of America, which took place from August 26 to August 29, 2024, were made public by the Central Bank of Iraq. The delegation was led by the Governor of the Central Bank, Ali Mohsen Al-Alaq.
In a statement, the Central Bank of Iraq said that a high-level negotiating delegation led by Governor Ali Mohsen Al-Alaq met intensively in New York City, USA, with the US Treasury Department and Federal Reserve Bank, as well as with Visa, Mastercard, and MoneyGram, Citi Bank, and JP Morgan, as well as international auditing firms (KPMG, E&Y, K2i, and Oliver Wyman).
He added that the people who attended the meetings praised the major changes that the Central Bank of Iraq had made. This is a first for Iraq. The bank has made remarkable progress in the procedures for monitoring foreign transfers and cash sales of the US dollar. This has improved systems, policies, and procedures to meet international and local standards, made foreign trade more transparent, and protected the banking and financial sector from the risks of money laundering, terrorist financing, and financial crimes.
He declared that a gathering will be held between the authorities of the National Bank of Iraq and its worldwide accomplices before the current year’s over in regards to the significant change in finishing crafted by the electronic stage for unfamiliar exchanges and supplanting it with direct financial relations between Iraqi banks and the organization of global reporter banks, as per the arrangement set by this bank, and carried out universally, which will permit the National Bank of Iraq and the Central Bank to practice their administrative jobs from chief methods, as this change will have significant repercussions on the security, smoothness and straightforwardness of the country’s unfamiliar exchange supporting tasks, showing that it means to accomplish the necessary strength in return rates, which thusly will prompt improving the proficiency of the monetary framework in Iraq.
He brought up that the gatherings in New York City additionally tended to systems for extending the organization of worldwide journalist banks and qualifying Iraqi banks to meet the important prerequisites to open their records with global reporter banks, determined to empower them to finish their monetary exchanges, whether through outer exchanges in US dollars or other unfamiliar monetary forms.
