To reduce the dollar...the Central Bank agrees with Turkish banks to open accounts for Iraqi banks[You must be registered and logged in to see this link.] |Today[You must be registered and logged in to see this image.]
Baghdad Today - Baghdad
An authorized source in the Central Bank of Iraq revealed today, Wednesday (November 15, 2023), the bank’s agreement with Turkish banks to open accounts for Iraqi banks.
The source explained to the official agency, "The agreement comes for the purposes of external transfer and enhancing balances to finance foreign trade in the euro currency," noting, "The agreement came to facilitate the process of trade exchange between Iraq and Turkey."
He added, "The Central Bank has put forward other proposals that will be discussed in Istanbul at the end of this month," stressing that "The Central Bank has taken a number of measures that will contribute to reducing the dollar exchange rate."
A government source revealed earlier this morning that “the Central Bank issued, during the past two days, official approvals for three Iraqi private banks to import the US dollar to meet their customers’ need for this currency, in amounts amounting to (100) million dollars,” pointing out that “the shipment of one of the banks has arrived.” Actually, for Iraq, there are applications from other banks that are on their way to be submitted for decision by the Central Bank of Iraq.”
He pointed out that "the Trade Bank of Iraq (TBI) is currently holding important discussions with several international companies to transfer amounts amounting to $120 million, and they are on their way to completion within the next few days."
It is noteworthy that, with reserves exceeding $113 billion in the United States, Iraq relies heavily on Washington’s good faith to ensure that its oil revenues and funds are not exposed to American sanctions.
Last October, the US government rejected a request from Iraq to obtain an amount of one billion dollars in cash from the Federal Reserve Bank from Iraqi funds generated from oil revenues, due to its opposition to efforts to curb excessive circulation of the dollar and stop illicit cash flows to countries banned by the Treasury. American.