20:23 - 2023-12-02
The Central Bank of Iraq announced, on Saturday, the success of the negotiations of the joint Iraqi delegation in Turkey, which represents the government, the Central Bank, the Association of Iraqi Private Banks, and the banking sector, by reaching important agreements.
The bank stated in a statement, “The discussions conducted by a joint Iraqi delegation (the government, the central bank, the Association of Iraqi Private Banks, and the banking sector represented by a number of private banks) were completed in Istanbul and the delegation returned to Baghdad yesterday morning.”
He explained that "the discussions culminated in an agreement to make banking arrangements between Iraqi banks and their Turkish counterparts through intermediary banks to ensure trade exchange for large merchants and importers and to make and pay remittances in the euro and Turkish lira currencies. It was agreed to organize trade exchange for small and retail traders (dinar versus euro or lira
) Turkish) under arrangements with combined transfers according to a commercial organization that guarantees the integrated cycle of the commercial process (depositing in dinars inside Iraq, paying in euros or lira in Turkey, shipping goods from Turkey to Iraq), and this would facilitate the external transfer of thousands of Iraqi merchants and spare them from working by non-fundamental means.
The bank explained, “This comes in the context of regulating trade and foreign transfer in accordance with sound practices and standards and within the framework of the comprehensive plan pursued by the Central Bank to open multiple channels, outlets, and currencies with the aim of preserving the stability of the financial system, protecting it from risks, and achieving general price stability by covering imports at the official price.” This is confirmed by controlling inflation rates.”
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