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Economy News / Baghdad
The Central Bank of Iraq announced, on Saturday, a contribution to support the Arab Monetary Fund in the amount of 50 million dollars.
And the bank's media stated in a statement that "the governor of the Central Bank of Iraq, Ali Mohsen Ismail Al-Alaq, and his accompanying delegation participated in the meetings of the Arab financial bodies that are held in the Moroccan capital, Rabat, for the days 29-30 April 2023."
Al-Alaq said, "The bank contributed to supporting the efforts of the Arab Monetary Fund in voting to increase the platform's capital by an additional fifty million dollars to help expand the platform's business and support its activities."
He also met "a number of governors and heads of Arab institutions, to strengthen the relations of Iraqi banks with Arab banks through the approval of a number of Iraqi banks to establish banking relations and open branches for a number of them in those countries."
The statement indicated 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 among themselves in a timely and reliable manner, at an appropriate cost and with high efficiency, to facilitate 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."
During the speech of the Chairman of the Board of Directors of the Arab Fund, Abd al-Rahman al-Hamidi, he gave his "thanks to the Central Bank of Iraq for its continuous support for the success of the Regional Corporation for Clearing and Settlement of Arab Payments (Bunna platform)."
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