To expand the scope of banks supported by the Central Bank…the Chambers of Commerce announces an initiative

The Federation of Chambers of Commerce announced, on Tuesday, the implementation of an initiative to expand the scope of banks supported by the Central Bank, while noting that 15 banks deal in the Chinese yuan and the UAE dirham.

The Federation’s president, Abdul Razzaq Al-Zuhairi, told the official agency, “The Federation of Chambers of Commerce took a good initiative by expanding the scope of banks supported by the Central Bank, which in turn operate as correspondent banks with international banks.”

Al-Zuhairi explained, “Five banks were supported, and now the number has increased to 10 banks, in addition to about 13 banks dealing in the Chinese yuan, in addition to two banks dealing in the UAE dirham,” calling on “banks to modernize and look towards major international banks.”

The Central Bank of Iraq had earlier finalized the arrangements for the agreement to strengthen five Iraqi banks with the UAE dirham.

An authorized source at the bank also revealed that the Central Bank had agreed with Turkish banks to open accounts for Iraqi banks with the aim of enhancing external transfer in the euro currency, while indicating that the accounts of 13 banks in the Chinese yuan had been strengthened.

He continued, “The banks that have strengthened their accounts in Indian rupees with the Development Bank of Singapore are two, and other banks will be added soon.”