The Iraqi Central Bank opens an account with Euroclear to develop the performance of foreign reserves
The Iraqi Central Bank opens an account with Euroclear to develop the performance of foreign reserves
02 November 2020 10:29 AM
Mubasher: The Central Bank of Iraq announced today, Monday, the opening of an account with the EuroClear Foundation, which provides securities custody services, with the aim of developing the bank’s foreign reserves performance.
The central bank said in a statement: “Soon the process was carried out by central banks and correspondent banks that impose an additional commission on keeping these papers in addition to the limited investment due to the multiplicity of procedures and their complexity in the presence of the mediator.”
The Central Bank of Iraq indicated that this step is important in the work of the Central Bank of Iraq, as it simulates international practices in the process of investing foreign reserves.
He also pointed out that (EuroClear Foundation) is the most important custodian institution that provides securities custody services as well as other services, including the ease of conducting investment operations without the need to enter into agreements with the source of securities, the low costs of keeping securities and ease of follow-up.
mubasher.info
