CBI reveals the discussions of the joint Iraqi delegation in Türkiye

INA - BAGHDAD 

The Central Bank of Iraq - CBI revealed on Saturday, the discussions of the joint Iraqi delegation in Turkey.

“The discussions conducted by a joint Iraqi delegation (the government, CBI, the Association of Iraqi Private Banks, and the banking sector represented by a number of private banks) in Istanbul were completed and it returned to Baghdad yesterday's morning," according to a statement by the CBI media office, received by the Iraqi News Agency - INA.

The discussions culminated in the following:

1- Agreement to make banking arrangements between Iraqi banks and their Turkish counterparts via intermediary banks to ensure trade exchange for major merchants and importers as well as to make and pay remittances in the euro and Turkish lira.

2- Agreement to organize trade exchange for small merchants and retailers (dinar for euro or Turkish lira) under arrangements with combined transfers according to a commercial organization that guarantees the integrated cycle of the commercial process (deposit in dinars inside Iraq, payment in euros or lira in Turkey, shipping goods from Turkey to Iraq). This would facilitate the external transfer of thousands of Iraqi traders and spare them from working via non-fundamental means. This also comes in the context of regulating trade and external transfer in accordance with sound practices and standards, within the framework of the comprehensive plan pursued by the Central Bank to open multiple channels, outlets and currencies with the aim of preserving the stability of the financial system and protecting it from risks and achieving general price stability by covering imports at the official price, which is confirmed by controlling inflation rates.