A government source said on Saturday that negotiations took place during the past days between the Central Bank and the American side, to facilitate procedures for foreign transfers, while referring to an agreement to strengthen the advance balance of 5 Iraqi banks in dollars through (jp morgan).
Intensive meetings took place in Abu Dhabi in the past few days between a delegation from the Central Bank of Iraq and the US side responsible for foreign transfers to cover imports.
The negotiations culminated in a number of decisions and mechanisms that contribute to facilitating procedures for foreign transfers related to imports through the foreign currency sale window.
It was agreed to strengthen a pre- balance of five Iraqi banks in their dollar accounts with Jordanian banks and remittances through (jp morgan).
Problems with rejected transfers were resolved and it was agreed that the rejection of transfers was based on strong reasons.
Other meetings brought together one of the UAE banks, the Central Bank of Iraq and the American side to implement the mechanism of enhancing balances in the UAE dirham for Iraqi banks (UAE Dirham pilot).
All technical details have been resolved and the mechanism of enhancing balances in UAE dirhams is expected to begin within the next few days.
There are serious negotiations that have reached their final stages to strengthen the balances of some Iraqi banks in euros at UBAF Bank (UBAF) to finance trade with the European Union.
The number of banks whose assets are being strengthened in Chinese yuan through the Singapore Development Bank has been increased.
Opening accounts for six Iraqi banks in this bank and during the coming period, 7 other banks will be added to finance Iraqi trade and imports from China, where those imports are estimated at about 12 billion dollars annually.
This mechanism is expected to contribute to financing Iraq’s imports from India, especially medicines and food, which are estimated at $3 billion.
