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The Central Bank launches transfer operations in UAE dirhams
The first 12/14/2023
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l-Sabah
Yesterday, Wednesday, the Central Bank revealed the launch of transfer operations in the UAE dirham, indicating that this will enable Iraqi banks to establish relationships with reputable international banks.
A statement from the bank stated, “The Governor of the Central Bank, Ali Mohsen Al-Alaq, met in Dubai with the Chairman of the First Abu Dhabi Bank Group, Hanaa Al Rostamani, and during the meeting it was agreed to launch financial transfer operations between the two countries and finance trade and imports between Iraq and the United Arab Emirates in the UAE dirham currency through Abu Dhabi Bank.” My first antelope.”
He added, "Transfer operations in the Emirati dirham have begun, and the first phase of this agreement will be with five Iraqi banks, which will be gradually increased," noting that "this step comes within the framework of enabling Iraqi banks to establish relationships with reputable international banks, and it aims to reduce dependence on the electronic platform." For financial transfers and working in accordance with normal international practices adopted in enhancing Iraqi bank balances for the purposes of financing trade.”
He explained that "First Abu Dhabi Bank offered to contribute to financing clean energy projects in Iraq," pointing out that "First Abu Dhabi Bank is one of the largest and strongest financial institutions in the world, with its total assets amounting to about 300 billion US dollars."
Meanwhile, the Central Bank decided to establish the National Company for Electronic Payment Systems in Iraq.
Another statement stated that "the Board of Directors of the Central Bank decided to establish (the National Company for Electronic Payment Systems in Iraq)," indicating that "the company represents a qualitative development in the structure of the country's financial infrastructure."
He added, "The new company will assume responsibility for developing, operating, and managing the national electronic payment and clearing systems with high efficiency and adding new elements to serve the electronic payment environment."
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