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The Central Bank of Iraq challenges the dollar with new currencies!
December 19, 2024 Last updated: December 19, 2024
Independent/- In a new step that reflects its approach to strengthening Iraq’s role in the global economy, the
Central Bank of Iraq announced the expansion of external transfer channels for local banks to include new currencies.
According to the statement issued today, the Jordanian dinar and the Saudi riyal were added to the list of permitted currencies, in addition to allowing the use of the euro to finance trade with Türkiye after it was limited to European Union countries.
This step comes in addition to currencies previously used, such as the US dollar, UAE dirham, Chinese yuan, and Indian rupee.
The Central Bank stressed that this expansion aims to provide broader options for local banks and enable them to meet the needs of foreign trade at official transfer rates.
The objectives of the step and its economic consequences
According to the statement, this step aims to achieve streamlined financial transfers and the involvement of a larger number of Iraqi banks in external transfer operations.
It also seeks to enhance economic cooperation between Iraq and other countries, which contributes to diversifying economic and trade channels and strengthening relations with international partners.
The Central Bank explained that the smooth transition that took place during 2024 from using the electronic platform to approved correspondent banks contributed significantly to improving banking operations.
This move was widely praised as a fundamental shift in line with international standards.
Expanding the economic horizon
This announcement comes as the Central Bank seeks to expand the horizons of economic cooperation between Iraq, neighboring countries and the world.
The addition of new currencies reflects a deep understanding of the market needs and Iraq's dealings with various countries.
These expansions would support Iraq's ability to
enhance the role of its banking sector in international trade, and
increase global confidence in the Iraqi banking system.
Towards a modern banking system
Thanks to this step, the Central Bank of Iraq continues its efforts to develop the local banking system in line with modern banking practices.
It is expected that these expansions will
contribute to improving the efficiency of commercial operations and
reducing dependence on traditional currencies,
enhancing Iraq's economic diversification.
Through these measures, the Central Bank of Iraq demonstrated its commitment to developing the financial system to meet local and international needs, thus
contributing to enhancing the stability of the Iraqi economy and achieving sustainable growth.
https://mustaqila.com/البنك-المركزي-العراقي-يتحدى-الدولار-ب/
December 19, 2024 Last updated: December 19, 2024
Independent/- In a new step that reflects its approach to strengthening Iraq’s role in the global economy, the
Central Bank of Iraq announced the expansion of external transfer channels for local banks to include new currencies.
According to the statement issued today, the Jordanian dinar and the Saudi riyal were added to the list of permitted currencies, in addition to allowing the use of the euro to finance trade with Türkiye after it was limited to European Union countries.
This step comes in addition to currencies previously used, such as the US dollar, UAE dirham, Chinese yuan, and Indian rupee.
The Central Bank stressed that this expansion aims to provide broader options for local banks and enable them to meet the needs of foreign trade at official transfer rates.
The objectives of the step and its economic consequences
According to the statement, this step aims to achieve streamlined financial transfers and the involvement of a larger number of Iraqi banks in external transfer operations.
It also seeks to enhance economic cooperation between Iraq and other countries, which contributes to diversifying economic and trade channels and strengthening relations with international partners.
The Central Bank explained that the smooth transition that took place during 2024 from using the electronic platform to approved correspondent banks contributed significantly to improving banking operations.
This move was widely praised as a fundamental shift in line with international standards.
Expanding the economic horizon
This announcement comes as the Central Bank seeks to expand the horizons of economic cooperation between Iraq, neighboring countries and the world.
The addition of new currencies reflects a deep understanding of the market needs and Iraq's dealings with various countries.
These expansions would support Iraq's ability to
enhance the role of its banking sector in international trade, and
increase global confidence in the Iraqi banking system.
Towards a modern banking system
Thanks to this step, the Central Bank of Iraq continues its efforts to develop the local banking system in line with modern banking practices.
It is expected that these expansions will
contribute to improving the efficiency of commercial operations and
reducing dependence on traditional currencies,
enhancing Iraq's economic diversification.
Through these measures, the Central Bank of Iraq demonstrated its commitment to developing the financial system to meet local and international needs, thus
contributing to enhancing the stability of the Iraqi economy and achieving sustainable growth.
https://mustaqila.com/البنك-المركزي-العراقي-يتحدى-الدولار-ب/
