{Economic: Euphrates News} The Governor of the Central Bank of Iraq, Ali Mohsen Al-Alaq, announced today, Sunday, that the bank will continue to dispense with foreign transfers “Next year” and the approval of banks in Iraq on correspondent banks in external transfers.
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Al-Alaq said, according to a statement from his office, {Euphrates News} received a copy of it, “Remittances through correspondent banks amounted to 60% of the total remittances (outside the electronic platform of the Central Bank), while the implementation rate of verified remittances reached more than 95% 9% ��,” explaining, “This came after an agreement between the Central Bank of Iraq and the US Federal Bank, like the countries of the world, where central banks do not practice executive business, and their role is concentrated in supervision and control.”
During the meeting with the heads of councils and plenipotentiary directors of the approved banks in Iraq, Al-Alaq stressed that “the Central Bank’s quest to open channels of direct communication for Iraqi banks with their foreign counterparts in correspondence, trade exchange and others has come in intensive stages, while transfer channels are currently being opened in different currencies, including (UAE Dirham, Turkish Lira, Indian Rupee, Euro).”
He stressed that “next year will witness the inventory of all internal and other commercial transactions in Iraqi dinars instead of the dollar, except for those delivered to travelers,” noting that “the entry of most traders into the official transfer channels and the provision of the dollar at a price of (1,120) dinars was a direct reason for controlling the general level of prices and low inflation, which is a key indicator of the effectiveness of monetary policy, and that the black market price does not fit as an “indicator” as it relates to the cash dollar for non-assetary operations, and is not intended for the purposes of legitimate trade.”
Al-Alaq pointed out that “the new system of external transfer and the sale of dollars provides protection from risks to all parties to operations, enjoys international acceptance and praise and is consistent with the Anti-Money Laundering and Terrorism Financing Law, and achieves an important sign of direct relations between Iraqi banks and accredited global banks.”
The statement added that “the meeting reviewed the meeting, the mechanism for establishing a “riyada bank” and the societal importance on which the bank will be based, especially as it is in line with the directives and vision of the Prime Minister, and discussions were presented on this subject, including the contributions of banks to the establishment of “Leadership” and the mechanisms of the work of this bank, which will be effective for those wishing to open small productive and commercial projects that contribute to the development of the local economy and reduce the unemployment rate with the direct support of the Central Bank.
