The central bank agrees with an American bank to facilitate payments from the Iraqi banking system to China

The central bank agrees with an American bank to facilitate payments from the Iraqi banking system to China

2023-02-11 23:50

The central bank agrees with an American bank to facilitate payments from the Iraqi banking system to ChinaShafaq News/ The Central Bank of Iraq announced, on Saturday, an agreement with the US “JP Morgan” bank to facilitate payments from the Iraqi banking system to China to finance imports.

JPMorgan Chase is an American multinational financial services bank. It is the largest bank in the United States, with total US assets of $2.515 trillion.

This bank is a major provider of financial services and, according to the Forbes ranking, is the third largest publicly traded company in the world.

And the Central Bank of Iraq stated in a statement issued by it today, that its governor, Ali Mohsen Ismail, met with Daniel Zeliko, Vice Chairman of the Board of Directors at JPMorgan Corporation, on the sidelines of his visit to Washington.

The statement indicated that during the meeting, it was agreed that JPMorgan Bank would facilitate payments from the Iraqi banking system to the People’s Republic of China to finance private sector imports directly.

The Chinese embassy in Iraq announced, on Friday, that the volume of trade exchange between the two countries exceeded 53 billion US dollars during the past year.

The embassy said in a statement that the volume of trade exchange between China and Iraq amounted to 53.37 billion US dollars in 2022, an increase of 43.1% on an annual basis.

According to the statement of the Central Bank of Iraq, a number of issues related to reserves management, liquidity management and technical support provided by the aforementioned bank to the Central Bank of Iraq and to the banking sector in Iraq were also discussed (between Al-Alaq and Zeliko).

The governor said: The Central Bank of Iraq is committed to applying international standards in combating money laundering and financing terrorism, stressing the strengthening of the Central Bank of Iraq’s relations with its counterparts in countries of the world to serve the work and development of the Iraqi banking sector.

shafaq.com