The Central Bank of Iraq announces the transition from the electronic platform to banks for external transfers
The Central Bank of Iraq announces the transition from the electronic platform to banks for external transfers
2025-01-01 01:59
Shafaq News/ The Central Bank of Iraq announced on Wednesday its success in adhering to its program related to the transition from external transfers of the US dollar through the electronic platform to the work of Iraqi banks through their foreign correspondent banks.
The bank explained in a statement today that “this transition took place through stages that the external transfer process went through, starting with the foreign currency buying and selling window and moving to the stage of the electronic platform for external transfers, and ending with operations to gradually enhance balances during the year 2024 and was fully achieved in the last week of this year.”
The statement added that “this achievement is a radical transformation in line with the best international standards and practices to achieve a stable and secure financial system, and this work has received international support and praise throughout its implementation stages.”
The bank’s statement continued, saying, “The new transfer methodology is consistent with international practices followed in this field, which separate the responsibilities and duties of the Central Bank from the obligations, responsibilities and role of commercial banks.”
The bank also indicated that “from this standpoint, the Central Bank of Iraq will continue to enhance the balances of Iraqi banks with their correspondent banks in the US dollar, in addition to a group of other currencies, such as (the Indian rupee, the Chinese yuan, the euro, the Emirati dirham, the Saudi riyal, and the Jordanian dinar).”
The statement stressed that “this achievement has enhanced the efficiency and safety of foreign transfer operations, and their transition to the method followed in all countries of the world, which will make Iraq enter a new phase in its financial relations regionally and internationally and enhance the government’s orientations in expanding its economic relations and enhancing investment opportunities.”
Finally, the Central Bank of Iraq expressed its “full readiness to support all Iraqi banks that are working to develop and enhance their performance in the field of governance, compliance, and combating money laundering in a way that positively reflects on the confidence of international and regional banks in them to contribute to strengthening the Iraqi banking system and the Iraqi economy in general.”
It is noteworthy that the Central Bank of Iraq announced on September 4, 2024, the mechanism for ending the work of the electronic platform for foreign transfers of hard currency, while reassuring that there are no potential impacts on the exchange rate and transfer operations after the platform’s work is terminated.
shafaq.com
