Economy News – Baghdad
Ali Al-Alaq, Governor of the Central Bank of Iraq, announced on Tuesday that a total of 20 Iraqi banks are now conducting direct transfer operations involving eight foreign currencies.
In a recent discussion, Al-Alaq highlighted the productive outcomes of the quarterly meetings with the American Federal Reserve and the U.S. Treasury, held in Dubai. He stated that the central bank’s initiatives to enhance the external transfer system received commendation, emphasizing the commitment to transitioning operations to internationally recognized standards characterized by safety, transparency, and high-level organization.
Al-Alaq noted that this transformation marks a significant milestone for Iraq, which has progressed from a traditional window system to a more innovative platform, further evolving to utilize corresponding banks.
Presently, 20 Iraqi banks are actively engaged in direct conversion operations with international correspondents across eight foreign currencies, as part of the newly implemented framework.
He elaborated that other banks yet to align with these standards are undergoing rehabilitation efforts, guided by specific criteria in partnership with an international consulting firm, to meet the qualifications necessary for participation in external transfer operations. Al-Alaq also affirmed that there have been no new penalties or changes to existing protocols and mentioned the positive feedback received from international entities regarding the mechanisms of cash dollar sales.
He emphasized the importance of showcasing these achievements to project a favorable image of the advancements in the Iraqi banking sector, positively influencing the relationships with international financial institutions.
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