CBI launches euro-based financial transfers to Turkiye
Shafaq News/The Central Bank of Iraq has initiated euro-based financial transfers to Turkiye.
Theannouncement was made during a meeting between the Governor of the Central Bankof Iraq, Ali Al-Alaq, and the Turkish ambassador to Iraq Anil Bora Inan, alongwith representatives from Turkish banks operating in Iraq, according to astatement from the Central Bank.
According toa statement from CBI, the new mechanism, implemented for the first time,facilitates financial transfers to Turkiye in euros through Turkish banks. “Thissystem aims to streamline trade coverage with greater speed and efficiency,offering a smoother process for business transactions between the twocountries.”
The meetingalso focused on ensuring the success of the new mechanism by addressing itsrequirements, particularly in managing the high volume of transfers fromtraders and the business sector.
“The Turkishbank representatives expressed their readiness to implement the system and meetthe regulatory and oversight demands in coordination with internationalauditing firms.” They also emphasized their efforts to expand relationshipswith accredited correspondent banks.
Turkiye’s ambassadorpraised the Central Bank of Iraq for its efforts in managing the shift toexternal transfers and commended the bank's measures to organize and facilitatethese processes. He highlighted the importance of continued direct coordinationbetween the Central Bank and licensed banks to ensure the smooth operation ofthis new system, according to the statement.
