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Clare » December 19th, 2024
Al-Sudani: Iraq has become a reliable pivotal state in the region and the world
12/18/2024 Baghdad-
The Council of Ministers, Mohammed Shia Al-Sudani, said that Iraq has become a reliable pivotal state in the region and the world, and pointed out that the religious authority emphasized the “6 principles”, and we are required to work hard to implement them.
Al-Sudani said during a televised interview with state television, which will be broadcast later, that “Iraq today is a reliable pivotal state in the region and the world.”
He added, “We have good relations with our Arab, international and regional surroundings.”
He pointed out that “the religious authority emphasized the ‘6 principles’, and we are required to work hard to implement them.” LINK
Central Bank of Iraq expands foreign transfers with new currencies
December 19, 2024
The Central Bank of Iraq announced the expansion of foreign transfer channels for local banks to include new currencies: the Jordanian dinar and the Saudi riyal, and allowing Iraqi banks to finance trade with Turkey in euros after it was previously limited to using them with European Union countries,
In addition to transfers available in US dollars, Emirati dirhams, Chinese yuan and Indian rupees. The bank explained that this step comes within its efforts to expand foreign trade financing options in various currencies and channels, and the bank has begun taking the necessary measures to meet banks’ requests in these currencies.
The Central Bank indicated that this expansion in foreign transfer channels provides transfer operations at the official price, and aims to streamline transfers and involve a greater number of banks in foreign transfer operations, and expand the horizons of economic cooperation between Iraq and other countries, especially in light of the bank’s efforts to find other channels to meet the volume of demand for various foreign currencies according to Iraq’s dealings with those countries.
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It is worth noting that a smooth transition took place during 2024 from the electronic platform to directly accredited correspondent banks, thus the Central Bank achieved a fundamental transformation in line with international banking practices, and this transition is widely praised.
Central Bank of Iraq
Media Office
December 19, 2024
https://cbi.iq/news/view/2741
What are the objectives of expanding foreign transfer channels by the Central Bank of Iraq?
12/19/2024 Baghdad
Economic expert Alaa Al-Fahd revealed today, Thursday (December 19, 2024), the Central Bank of Iraq’s goal of expanding external transfer channels for local banks.
Al-Fahd said in an interview with Baghdad Today, “Within the Central Bank’s policy and its continuous attempts to control foreign transfers to finance trade, especially in dollars, there is a continuous effort to expand the basket of foreign currencies used in imports, especially with countries with which we have import dealings, the transfer is in the currencies of the countries, and there was an agreement on this with the Turkish side, as well as the Emirates, China, and today with Jordan and Saudi Arabia.”
He explained that “this step reduces the demand for the dollar to finance foreign trade, as most of the demand for the dollar is to finance foreign trade, and with the expansion of the currency basket, the pressure in the parallel (black) market on the dollar decreases, and this reduces the exchange rate in the local market.”
He added, “This step will also allow many banks to deal with many countries according to the currencies of those countries, and this will enhance a major role in developing the work of banks in terms of experience, and its main goal is to control the dollar exchange rate and work to reduce it.” LINK
Source: Dinar Recaps
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