Al-Alaq: 20 Iraqi banks practice direct transfers

INA-  BAGHDAD



Central Bank of Iraq Governor Ali al-Alaq confirmed on Tuesday that there are 20 Iraqi banks are practicing direct transfer operations in eight foreign currencies.

Al-Alaq told the Iraqi News Agency (INA): “The recent quarterly meetings with the US Federal Bank and the Treasury Department held in Dubai were very positive, where the steps taken by the Central Bank in improving the foreign remittance system and transforming the operations to international practices in a safe, transparent and highly organized manner were praised.”

“This transformation is the first of its kind in Iraq, which has witnessed transitional stages from (the window) to (the platform) and then to correspondent banks,” Al-Alaq said.

“Today, there are 20 Iraqi banks now practicing direct transfer operations with international correspondents in eight foreign currencies under the new system,” he said.

“The other banks that are still outside this framework are now working on qualifying them according to specific criteria, in cooperation with an international consulting firm, to apply the necessary criteria that qualify them to join the foreign transfer operations,” he said.

“There are no new sanctions or changes, but on the contrary, there is praise and appreciation from international bodies, especially with regard to the mechanism of selling cash dollars,” he stressed.

Al-Alaq stressed “the need to focus on these successes to show a positive image of the transformations in the Iraqi banking sector, which reflects positively on the dealings of international financial institutions with Iraqi banks.”