Thursday, November 16, 2023 2:49 PM
Baghdad/National News Center
A government source revealed, today, Thursday, that an agreement had been concluded between Iraq and Turkey to regulate trade exchange between the two countries in dollars.
The source stated, “In order to organize trade exchange between Iraq and Turkey on better foundations and standards to ensure containing the pressure on the parallel market and the demand for cash dollars to feed some aspects of trade exchange between the two countries, the Prime Minister directed to hold broad discussions with the Turkish side, as an expanded meeting took place on Wednesday.” 11/15/2023 The Central Bank of Iraq and a number of advisors included the Prime Minister, while the Turkish side included a delegation headed by the Turkish ambassador, Turkish banks operating in Iraq, and a representative of the Turkish private sector.
The discussions resulted in the following points:
1- The importance of the Turkish customs authorities matching the transfer documents with the goods supplied to Iraq at the Turkish customs points in a way that protects the interests and stability of trade between the two countries.
2- Linking Turkish exports to bank transfer documents through Turkish border crossings serves the Iraqi economy, as Iraqi merchants will resort and encourage financial transfers through the banking system instead of using parallel market tools and the cash dollar to finance their trade with Turkey.
3- For its part, the Central Bank of Iraq expressed its readiness to facilitate external transfer procedures by activating the relationship between the branches of Iraqi banks in Turkey and the branches of Turkish banks in Iraq in terms of feeding accounts in foreign currency and financing foreign trade between the two countries.
4- The issue of facilitating the use of credit cards in the Turkish banking market in an accessible way for Iraqi residents and tourists was also discussed.
The source confirmed that “these measures contribute to organizing and stabilizing trade between the two friendly countries through approved legal and banking methods and means.”