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Central: directed to provide services in currencies such as «yuan or euro»
Economical 2023/04/16
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Deputy Governor of the Central Bank of Iraq, Faisal Al-Haimus, stated that the bank has a tendency to expand the network of correspondent banks to provide services in different currencies, indicating that there is a desire by solid international banks to enter the Iraqi banking sector and work inside the country.
Al-Haimus said that the Central Bank is striving to bridge the gap between the official and the parallel rate, and our supervision continues over all banks, by increasing confidence in the local market and cooperating with international institutions.
And he added, “We noticed a reluctance to enter the electronic platform launched by the Central Bank of Iraq by merchants, and there were delays due to the recent experience by banks dealing with the bank, and we noticed that some banks do not carry out the transfer for a long time and arrive at the bank late, and we check it and ensure the safety of the parties.” Dealing with the window, we implement it in a record period, and then release the money.
Al-Haimus also noted that the number of employees of the electronic platform is sufficient in the current circumstances, and the number will be increased and the work will be shifted to morning and evening shifts in the event of an increase in the demand for transfers in the platform.
He pointed out that due to inquiries about money laundering and other issues related to the auditing authority, the period for releasing the electronic platform’s funds to the beneficiary who owns the transfer is prolonged, stressing that the US Federal Reserve does not work on auditing, but rather the Central Bank of Iraq is responsible for that through the auditing company contracting with us.
He went on to say that there is a development in the Iraqi banking sector to achieve the objectives of the feasibility studies and the expansion of the network of correspondent banks to provide service in different currencies such as the yuan or the euro. There is also an agreement with banking institutions regarding yuan transfers. After a short pause, there is also a desire from solid international banks to enter the Iraqi banking sector and work inside the country.
Al-Haimus denied that there is a directive from the bank to specify the withdrawal ($250) per day, saying: It is the prerogative of the bank issuing the card or the owner of the ATM, and there is no cash limit if the purchase is through electronic payment devices (POS).
The Iraqi banking official indicated that there is a great tendency to deal with cards and electronic payment devices (POS), and there is a big plan to increase the confidence of the beneficiary of these services, and we confirm the presence of great support from the Iraqi Council of Ministers in many executive decisions, as well as the support by Parliament in this aspect.
He stressed that the Central Bank of Iraq is working to stop networks that issue cards with forged documents or to deceased persons, and use these cards to smuggle currency out of Iraq, which affects the Iraqi economy.
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