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Understandings regarding facilitating external financial transfers
Economical 11/11/2023
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Baghdad: Al-Sabah
Yesterday, Saturday, a government source revealed that the Central Bank of Iraq agreed with the American side to enhance the advance balance of five Iraqi banks in dollars.
The source told the Iraqi News Agency (INA): “Intensive meetings took place in Abu Dhabi in the past few days between a delegation from the Central Bank of Iraq and the American side responsible for foreign transfer operations to cover imports, and the negotiations culminated in a number of decisions and mechanisms that contribute to Facilitating procedures for external transfers related to imports through the foreign currency sales window.”
He added, "It was agreed to enhance the advance balance of five Iraqi banks in their accounts in dollars with Jordanian banks and transfers via (JP Morgan)," noting that "the problems related to the rejected transfers were resolved, and it was agreed that the rejection of transfers should be based on strong reasons." He continued: “There were also other meetings that brought together one of the Emirati banks, the Central Bank of Iraq, and the American side, to implement the mechanism for enhancing balances in the Emirati dirham for Iraqi banks (UAE Dirham pilot),” indicating that “things are going well in this aspect, as all the technical details related to it have been resolved.” In this regard, it is expected that the mechanism for enhancing balances in the UAE dirham will begin within the next few days.”
He stressed that "there are serious negotiations that have reached their final stages to enhance the balances of some Iraqi banks in euros with UBAF Bank to finance trade with the European Union," noting "an increase in the number of banks whose balances in Chinese yuan are being enhanced through the Singapore Development Bank."
He added, "Accounts have been opened for 6 Iraqi banks in this bank, and during the coming period 7 more banks will be added to finance Iraqi trade and imports from China, as these imports are estimated at about 12 billion dollars annually."
The source concluded, saying: “Bank accounts have also begun to be opened in the Indian rupee for a number of Iraqi banks at the same correspondent, the Singapore Development Bank (New Delhi branch), and operations to strengthen the balance of two Iraqi banks have actually taken place as a first stage, and it is expected that this mechanism will contribute to financing Iraq’s imports from India.” Especially medicines and foodstuffs, which are estimated at about $3 billion.”
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