The Central Bank announced Thursday, the American side’s approval to meet the Central Bank of Iraq’s requests for cash shipments for the year 2024.
The bank said in a statement, “The delegation of the Central Bank of Iraq concluded its meetings with the delegation of the US Federal Reserve and the US Treasury in Dubai.”
He added, “Representatives of the US Federal Reserve and the US Treasury appreciated the efforts made by the Central Bank of Iraq during the year 2023 to achieve compliance with the Iraqi banking system.”
The bank indicated that “it was agreed and approved by the above authorities to meet the requests of the Central Bank of Iraq for cash shipments for the year 2024, and the meetings witnessed a number of understandings that aim towards building the capabilities of Iraqi banks and enhancing their compliance with international standards.”
The bank continued, “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 relationships with correspondent banks and the gradual transition of operations to enhance the advance balance of the accounts of these banks, and this is consistent with what the Central Bank of Iraq previously announced in its plan to reduce Gradual reliance on the electronic platform will be completed within the next year and limited to recording financial transfers for the purposes of control, auditing and analysis.
For his part, the Governor of the Central Bank of Iraq stressed that “the Central Bank is determined to support Iraqi banks, enhance their capabilities and prepare them to work in accordance with international practices.”
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