CBI: We have achieved a great achievement in abroad remittance

INA-  BAGHDAD


The Central Bank of Iraq announced today, Wednesday, a major achievement in abroad remittance, indicating that it will continue to follow modern methods in managing monetary policy in Iraq. 

 A statement by CBI, obtained by the Iraqi News Agency (INA), stated that "the bank succeeded in adhering to its program related to the transition from abroad transfers through the electronic platform to the work of Iraqi banks through their foreign correspondent banks," noting that "this transition took place through stages that went through the abroad transfer process, starting with the window of buying and selling foreign currency and moving to the stage of the electronic platform for foreign transfers, and ending with the operations of gradually strengthening balances during 2024 and fully realized in the last week of this year".


CBI continued, "This achievement is a radical transformation compatible with the best international standards and practices to achieve a stable and secure financial system, and this work has received international support and praise throughout the stages of its application," and the Central Bank of Iraq will continue to strengthen the balances of Iraqi banks with their correspondent banks in US dollars along with a group of other currencies, such as (Indian rupee, Chinese yuan, euro, UAE dirham, Saudi riyal, and Jordanian dinar)."  

 It pointed out that "the efforts in this important achievement came through a series of procedures and detailed technical agreements, and great support from the Iraqi government, and that the bank will continue to follow modern methods in managing monetary policy in Iraq, in line with its key role in achieving financial stability, and its position among central banks in the region and the world, which will reflect positively on the confidence and support of the external financial sector of Iraq and international financial and economic organizations."
 
The statement concluded that "the Central Bank of Iraq shows full readiness to support all Iraqi banks that are working to develop and enhance their performance in the field of governance and compliance, and to combat money laundering in a way that reflects positively on the confidence of international and regional banks in them to contribute to strengthening the Iraqi banking system and the Iraqi economy in general."