[You must be registered and logged in to see this image.] 2023/04/29
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Today, Saturday, the Governor of the Central Bank of Iraq, Ali Mohsen Al-Alaq, announced the bank’s contribution to supporting the efforts of the Arab Monetary Fund.
A bank statement stated that "the governor of the central bank and his accompanying delegation participated in the meetings of Arab financial bodies that are being held in the Moroccan capital, Rabat."
He added, "The Chairman of the Board of Directors of the Arab Fund, Abd al-Rahman al-Hamidi, thanked the Central Bank of Iraq for its continuous support for the success of the Regional Foundation for Clearing and Settlement of Arab Payments (Buna platform)."
The statement quoted Al-Alaq as saying, "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."
Al-Alaq met, according to the statement, with "a number of governors and heads of Arab institutions, to strengthen the relations of Iraqi banks with Arab banks by approving a number of Iraqi banks to establish banking relations and open branches for a number of them in those countries."
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.
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