CBI: New mechanism for financial transfers to Turkey in euros launched

Baghdad - INA

Governor of the Central Bank of Iraq, Ali Mohsen Al-Alaq, confirmed today, Thursday, the launch of a new mechanism for financial transfers to Turkey, implemented in the euro currency.

A statement by the bank - received by the Iraqi News Agency (INA) - stated that "the Governor of the Central Bank of Iraq, Ali Mohsen Al-Alaq, received the Ambassador of the Republic of Turkey to Iraq, Anil Bora Inan, with a delegation of representatives of Turkish banks operating in Iraq.".

The statement added, quoting Al-Alaq, that "the meeting coincides with the launch of financial transfers to Turkey, according to a new mechanism carried out in euros and implemented within Turkey through its banks," stressing that "this mechanism, which is being applied for the first time, will simplify trade coverage operations with high fluidity and speed."

The statement explained that "the attendees discussed ways to provide the requirements of the new mechanism; to make it a success and accommodate the large number of transfers from merchants and the business sector."

The statement continued, "The bank representatives expressed their readiness to implement the new mechanism and provide regulatory and supervisory requirements, in coordination with the international auditing company," and they also indicated "their efforts in the context of expanding their channels with accredited correspondent banks."

The statement indicated that "the Turkish ambassador praised the efforts of the Central Bank in managing the process of transformation in external transfers, and the measures taken by the bank to organize and facilitate the transformation processes," praising "his meeting with the Governor of the Central Bank and the continuous and direct coordination between the Central Bank's management and authorized banks."