Ali al-Alaq, the Governor of the Central Bank of Iraq, announced that 20 banks are now engaged in direct transfer operations using eight foreign currencies. Recent meetings with US financial institutions yielded positive feedback on these advancements. Additional banks are working to qualify for this new financial system, which represents a significant evolution in Iraq’s banking landscape.
The Governor of the Central Bank of Iraq, Ali al-Alaq, announced that 20 Iraqi banks are now conducting direct transfer operations in eight different foreign currencies. He highlighted positive outcomes from recent discussions with the US Federal Bank and the Treasury Department, which took place in Dubai. The Central Bank’s efforts to enhance the foreign remittance system have met with recognition for establishing safer and more organized international banking practices.
Al-Alaq detailed the significant progress in Iraq’s banking sector, noting a transition from traditional services to a more sophisticated platform utilizing correspondent banks. He confirmed that these 20 banks are now operating under the new direct transfer framework and that additional banks are working towards qualification through collaboration with an international consulting firm to meet the necessary criteria.
He asserted that, contrary to any speculation of new sanctions, the international community has expressed approval of Iraq’s banking mechanisms, especially regarding the sale of cash dollars. Al-Alaq emphasized the importance of showcasing these advancements to improve the perception of Iraqi banks among international financial institutions, reflecting a broader transformation in the sector.
In summary, the Central Bank of Iraq has successfully facilitated the transition of 20 banks to direct transfer operations with international correspondents in various currencies. The positive feedback from international bodies underlines the country’s progress in banking practices and the commitment to enhancing the financial sector’s reputation. The ongoing effort to include more banks in this new framework indicates a strong move towards modernizing Iraq’s banking system.
Original Source: ina.iq
