To expand the scope of banks supported by the Central Bank…the Chambers of Commerce announces an initiative

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On Tuesday, the Federation of Chambers of Commerce announced the expansion of banks supported by the Central Bank. Fifteen banks now deal in Chinese yuan and UAE dirham.

Abdul Razzaq Al-Zuhairi, the President of the Federation, praised the Federation of Chambers of Commerce for its initiative to expand the scope of banks supported by the Central Bank. As a result, these banks can now operate as correspondent banks with international banks, which is a positive development.

Al-Zuhairi stated that five banks were initially supported, but now the number has increased to 10. Additionally, there are about 13 banks that deal in the Chinese yuan and two banks that deal in the UAE dirham. He called on banks to modernize and seek out partnerships with major international banks.

The Central Bank of Iraq has finalized arrangements to strengthen five Iraqi banks with the UAE dirham.

A reliable source at the bank has disclosed that the Central Bank has reached an agreement with Turkish banks to create accounts for Iraqi banks, with the purpose of facilitating external transfers in the euro currency. The same source also mentioned that the accounts of 13 Chinese banks have been reinforced.

Two banks have strengthened their accounts in Indian rupees with the Development Bank of Singapore, and others will soon follow.