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November 24, 2023[You must be registered and logged in to see this link.]
Baghdad/Al-Masala Al-Hadath: The Governor of the Central Bank, Ali Al-Alaq, confirmed the continuation of communication between the Central Bank of Iraq, the US Treasury, and the US Federal Bank, indicating that the beginning of next month will witness a new meeting between the three parties.
Al-Alaq said in a statement that the Central Bank of Iraq is in constant communication with the US Treasury Department and with the US Federal Bank, indicating that this communication continues permanently, and there are quarterly meetings held to review all related matters within the framework of this relationship.
He added that there is a meeting that will be held at the beginning of next month as part of the regular quarterly meetings held between the Central Bank, the Federal Bank, and the Ministry of Treasury, where in these meetings we review all matters with emphasis and focus on the issue of regulating external transfer in a way that ensures the safety of the financial system, especially after the implementation of the new external transfer system. Which requires a lot of coordination.
He stated that these developments that have occurred are radical and not formal developments within the framework of reorganizing trade on sound foundations and organizing external transfer on sound foundations, explaining that the details related to this issue require coordination and joint cooperation between the Central Bank and those parties.
He confirmed that the next meeting will be in the Emirati city of Dubai, pointing out that there are quarterly meetings in addition to emergency organizational meetings or communications via phone or video.
He stated that the Federal Bank agrees with the Central Bank on the need for them to be removed from the process of conducting the executive aspects of the external transfer, and their role is limited to supervision and control. This is normal in central banks that do not exercise these executive roles or detailed operations with regard to external transfer, and therefore the plan and agreement were Between us is the exit of the Central Bank of Iraq and the Federal Bank from these procedural processes, confirming the development of a plan to shift the external transfer process from the electronic platform that will end at the beginning of next year.
He pointed to creating a new relationship between Iraqi banks and internationally accredited correspondent banks abroad, where the process would be limited between them, and the role of the Central Bank of Iraq and the US Federal Reserve would be the process of monitoring and supervision, and we began some time ago trying to find a relationship between correspondent banks and our Iraqi banks.
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