Mubasher: The Central Bank of Iraq delegation has completed its meetings with the US Federal Reserve delegation and the US Treasury Department in Dubai.
UAE 44th National Day – Union Flaghttps://imasdk.googleapis.com/js/core/bridge3.609.0_en.html#goog_43055500400:27 / 00:52Copy video urlPlay / PauseMute / UnmuteReport a problemLanguageShareVidverto PlayerRepresentatives of the US Federal Reserve Bank and the US Treasury appreciated the efforts made by the Central Bank of Iraq during 2023 to achieve compliance with the Iraqi banking system, according to a statement issued on Thursday by the Central Bank of Iraq.
The meetings resulted in a number of agreements; related to supporting the policies of the Central Bank of Iraq in its orientation to support Iraqi banks in establishing relations with correspondent banks, and the gradual transition of the processes of strengthening the pre-balance of the accounts of these banks.
The Central Bank of Iraq pointed out that this is in line with what the bank previously announced in its plan to gradually reduce dependence on the electronic platform, so as to finish its work during the next year and limit it to the registration of financial transfers for the purposes of control, auditing and analysis.
The Governor of the Central Bank of Iraq confirmed that the Central Bank is determined to support Iraqi banks, enhance their capabilities and prepare them to work in accordance with international practices.
It was also agreed and approved by the US Federal Reserve Bank and the US Treasury to meet the requests of the Central Bank of Iraq from cash shipments for 2024, and the meetings witnessed a number of understandings that are aimed at building the capacity of Iraqi banks and enhancing their compliance with international standards.
