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[size=36]Iraq and the UAE agree to finance trade and imports in the dirham currency[/size]
Local | 10:48 - 12/13/2023
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Baghdad - Mawazine News
The Central Bank of Iraq and First Abu Dhabi Bank agreed today, Wednesday, to finance trade and imports in the dirham currency.
The Central Bank stated in a statement received by Mawazine News, “The Governor of the Central Bank, Ali Mohsen Al-Alaq, met in Dubai with the Chairman of the First Abu Dhabi Bank Group, Hana Al Rostamani,” indicating that during the meeting it was agreed to launch financial transfer operations between the two countries and finance trade and imports between Iraq and the country. United Arab Emirates in the Emirati dirham currency through First Dhabi Bank.”
He added, “Transfer operations in the Emirati dirham began today, and the first phase of this agreement will be with five Iraqi banks, which will be gradually increased.” He pointed out that “this step comes within the framework of empowering the banks.” The Iraqi Bank is able to establish relationships with reputable international banks, and it aims to reduce dependence on the electronic platform for financial transfers and work in accordance with normal international practices adopted in strengthening the balances of Iraqi banks for the purposes of financing trade.
He explained that “First Abu Dhabi Bank offered to contribute to the operations of financing clean energy projects in Iraq,” pointing out that “First Abu Dhabi Bank is one of the largest and strongest financial institutions in the world, as it has a credit rating of AA, and its total assets amount to about 300 billion US dollars.”
The Central Bank stated in a statement received by Mawazine News, “The Governor of the Central Bank, Ali Mohsen Al-Alaq, met in Dubai with the Chairman of the First Abu Dhabi Bank Group, Hana Al Rostamani,” indicating that during the meeting it was agreed to launch financial transfer operations between the two countries and finance trade and imports between Iraq and the country. United Arab Emirates in the Emirati dirham currency through First Dhabi Bank.”
He added, “Transfer operations in the Emirati dirham began today, and the first phase of this agreement will be with five Iraqi banks, which will be gradually increased.” He pointed out that “this step comes within the framework of empowering the banks.” The Iraqi Bank is able to establish relationships with reputable international banks, and it aims to reduce dependence on the electronic platform for financial transfers and work in accordance with normal international practices adopted in strengthening the balances of Iraqi banks for the purposes of financing trade.
He explained that “First Abu Dhabi Bank offered to contribute to the operations of financing clean energy projects in Iraq,” pointing out that “First Abu Dhabi Bank is one of the largest and strongest financial institutions in the world, as it has a credit rating of AA, and its total assets amount to about 300 billion US dollars.”
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