CBI: Agreement With Turkish Banks to Promote External Conversion in Euro

 Baghdad – INA 
 
An authorized Source at the Central Bank of Iraq CBI revealed on, Wednesday, the central bank's agreement with Turkish banks to open accounts for Iraqi banks in order to enhance external conversion in the euro currency.
 
The Source told the Iraqi News Agency (INA) that "the Central Bank of Iraq agreed with Turkish banks to open accounts for Iraqi banks for the purposes of external transfer and strengthening balances to finance foreign trade in the euro currency”, pointing out that" the agreement came during a meeting of the governor of the Central Bank of Iraq Ali Mohsen Al-Alaq with the Turkish ambassador and the chairman of the Turkish Business Council and the managers of the branches of Turkish banks in Iraq”.
 
The Source added that "Other proposals have been developed that will be discussed in Istanbul at the end of this month with the participation of the Central Bank of Iraq and representatives of Iraqi banks".
 
The Source stressed that" the agreement came to facilitate the process of trade exchange between Iraq and Turkey, especially since the volume of trade between the two countries is very high, as well as the expansion of external transfer outlets for importers in the euro currency”, stressing that "the Central Bank of Iraq has taken a number of measures that will contribute to reducing the dollar exchange rate”.
 
The Source pointed out that "this agreement comes within the work strategy of the Central Bank of Iraq and the implementation of its plan to switch from the electronic platform in External transfer to transfer through correspondent banks to Iraqi banks, and to find multiple channels for external transfer, up to the transfer of all local banks for external transfer through correspondent banks”.