Shafaq News / The Central Bank of Iraq announced on Thursday that it had reached an agreement with a United States delegation to meet the bank's cash supply needs in dollars for the upcoming year.
In a statement released today, the bank mentioned that its delegation concluded meetings with representatives from the US Federal Reserve and the US Treasury in Dubai.
The meetings resulted in several agreements aimed at supporting CBI’s policies. These agreements focus on facilitating Iraqi banks in establishing relationships with correspondent banks and gradually transitioning towards enhancing pre-funding for these banks' accounts.
The statement clarified that this aligns with the Central Bank of Iraq's previously announced plan to gradually reduce reliance on the electronic platform, aiming to discontinue its use during the coming year and restricting it solely to financial transfer registration for monitoring, auditing, and analysis purposes.
The statement quoted Ali Al-Alaq, the Governor of the Central Bank of Iraq, emphasizing the Central Bank's dedication to supporting Iraqi banks, enhancing their capacities, and aligning them with international practices.
As per the statement, there was an agreement and approval from the aforementioned entities to fulfill the Central Bank of Iraq's requests for cash shipments for the year 2024.
The meetings witnessed several understandings aimed at enhancing the capacities of Iraqi banks and bolstering their compliance with international standards, according to the Iraqi Central Bank's statement.