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The Central Bank announces a major achievement in foreign transfers
January 01, 2025
The Central Bank of Iraq announces its success in adhering to its program related to the transition from external transfers through the electronic platform to the work of Iraqi banks through their external correspondent banks.
This transition took place through stages that the external transfer process went through, starting with the window for buying and selling foreign currency and moving to the stage of the electronic platform for external transfers.
The process of gradually enhancing the balances ended during the year 2024 and was fully achieved in the last week of this year.
This achievement is considered a radical transformation in line with the best international standards and practices to achieve a stable and secure financial system, and
this work received international support and praise throughout the stages of its implementation.
The new transfer methodology comes in line with international practices followed in this field, which separate the responsibilities and duties of the central bank from the
obligations,
responsibilities and
role of commercial banks. From this standpoint, the
Central Bank of Iraq will continue to enhance the balances of Iraqi banks in its correspondent banks in
US dollars, along with a group of other currencies. Such as (the
Indian rupee, the
Chinese yuan, the
euro, the
Emirati dirham, the
Saudi riyal, and the
Jordanian dinar), and
this achievement strengthened the The efficiency and safety of external transfer operations, and
their transition to the method followed in all countries of the world,
which will make Iraq enter a new stage in its financial relations regionally and internationally and strengthen the government’s tendencies to expand its economic relations and enhance investment opportunities.
The efforts in this important achievement came through a series of continuous detailed technical procedures and agreements, and great support from the Iraqi government, and
the bank will continue to follow modern methods in managing monetary policy in Iraq, in a way that is consistent with its basic role in achieving financial stability and its position among banks.
Centralization in the region and the world, which will reflect positively on the confidence and support of Iraq’s external financial sector and international financial and economic organizations.
Through this, the management of the Central Bank of Iraq takes this important opportunity to express its thanks and appreciation to everyone who contributed to achieving this great achievement, the first of whom is the
staff of the Central Bank of Iraq, the
banking sector in Iraq, and
all international partners.
In conclusion, the Central Bank of Iraq shows its full readiness to support all Iraqi banks that are working to develop and enhance their performance in the field of
governance,
compliance, and
combating money laundering in a way that reflects positively on the confidence of international and regional banks in them to contribute to strengthening the Iraqi banking system and the Iraqi economy in general.
Happy new year.
Central Bank of Iraq
Media office
January 1, 2025
https://cbi.iq/news/view/2755
