Today, Saturday, the governor of the Central Bank, Ali Al-Alaq, revealed the bank’s contribution to supporting the efforts of the Arab Monetary Fund in voting to increase the capital of (Bani platform) with an additional fifty million dollars to help expand the platform’s business and support its activities.
A statement by the Central Bank, received by (Baghdad Today), said, "Al-Alaq participated in the meetings of the Arab financial bodies that are held in the Moroccan capital, Rabat, for the days 29-30 April 2023."
The statement added, "The governor confirmed the bank's contribution to supporting the efforts of the Arab Monetary Fund in voting to increase the capital of (Bani platform) with an additional fifty million dollars to help expand the platform's business and support its activities."
It is noteworthy that (Bani platform) is a system for inter-Arab payments wholly owned by the Arab Monetary Fund, in which Iraq is a founding member and an active shareholder.
The platform aims to enable Arab financial institutions, central banks, and commercial and Islamic banks to perform payments between them in a timely and reliable manner, at an appropriate cost and with high efficiency, facilitating cross-border payments.
The platform also provides participants with modern payment solutions that comply with international standards, principles and international compliance requirements. Since its launch, it has constituted an important step towards enhancing economic and financial integration opportunities in the Arab region and supporting investment ties with trading partners of Arab countries around the world.