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The Central Bank opens an account with Euroclear to develop the performance of foreign reserves

The Central Bank of Iraq opened, on Monday, an account with (EuroClear) to develop the performance of foreign reserves.

A statement of the Central Bank, a copy of which was received by the Al Furat News Agency, stated that, with unremitting efforts by the administration of the Central Bank of Iraq in developing the management of foreign reserves, this bank opened an account with (EuroClear Foundation), which is the most important custodian institution that provides document keeping services. Financial as well as other services, including ease of conducting investment operations without the need to conclude agreements with the source of securities, low costs of securities preservation and ease of follow-up.

The statement indicated that soon, the process was carried out by central banks and correspondent banks, which impose an additional commission on keeping these papers, as well as the limited investment due to the multiplicity and complexity of procedures in the presence of the intermediary.

He added 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, and is an important achievement that this bank adds to its set of achievements in reserve management and international transactions. Source