The Central Bank of Iraq announced on Wednesday the success of its program to transition from foreign transfers through the electronic platform to the work of Iraqi banks through their correspondent banks abroad.
In a statement today, the bank clarified that "this transition took place through stages, starting with the foreign currency window, moving to the electronic platform for foreign transfers, and culminating in the gradual enhancement of balances throughout 2024, which was fully realized in the last week of this year.
The statement added that "this achievement represents a fundamental transformation in line with the best international standards and practices to achieve a stable and secure financial system. This work has received international support and commendation throughout its implementation stages.
The bank's statement continued, "The new transfer methodology aligns with international practices in this field, separating the responsibilities and duties of the central bank from the commitments and roles of commercial banks.
The bank also noted that "from this perspective, the Central Bank of Iraq will continue to enhance the balances of Iraqi banks with their correspondent banks in US dollars, alongside a range of other currencies, such as the Indian Rupee, Chinese Yuan, Euro, UAE Dirham, Saudi Riyal, and Jordanian Dinar.
The statement emphasized that "this achievement has enhanced the efficiency and safety of foreign transfer operations, transitioning to the method followed in all countries of the world, which will usher Iraq into a new phase in its financial relations regionally and internationally and will strengthen the government's orientations in expanding economic relations and boosting investment opportunities.
In conclusion, the Central Bank of Iraq expressed "full readiness to support all Iraqi banks working on developing and enhancing their performance in governance, compliance, and anti-money laundering in a way that positively reflects the trust of international and regional banks in them, contributing to strengthening the Iraqi banking system and the Iraqi economy in general.