Iraq expands foreign transfer channels, adding new currencies
Shafaq News/ On Thursday, theCentral Bank of Iraq (CBI) announced the expansion of external transferchannels for local banks, adding the Jordanian dinar and Saudi riyal alongsidethe US dollar.
The CBI announced that Iraqi bankscan now finance trade with Turkiye in euros, previously limited to EUcountries, along with transfers in US dollars, UAE dirhams, Chinese yuan, andIndian rupees. “This step is part of the bank's efforts to expand foreign tradefinancing options with various currencies and channels, and it has alreadystarted taking the necessary actions to meet banks' demands for thesecurrencies” it explained.
Moreover, the bank noted that theexpansion of external transfer channels will offer transactions at the officialexchange rate, streamline transfers, involve more banks in foreign exchange,and strengthen Iraq’s economic ties with other countries. “This aligns with thebank’s efforts to meet the growing demand for foreign currencies based onIraq's trade relations.”
"In 2024, the CBI smoothlytransitioned from the electronic platform to directly accredited correspondentbanks, achieving a significant shift in line with international bankingpractices, which has been widely praised,” it confirmed.
