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Iraq and the UAE agree to finance trade between the two countries with the UAE dirham
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Baghdad today - Baghdad
Today, Wednesday (December 13, 2023), the Governor of the Central Bank of Iraq, Ali Al-Alaq, announced the agreement with the UAE to launch financial transfer operations between the two countries and finance trade and imports in the UAE dirham currency.
The governor's media office said in a statement received by "Baghdad Today", "The Governor of the Central Bank of Iraq, Ali Mohsen Al-Alaq, met in Dubai with the Chairman of the First Abu Dhabi Bank Group, Hana Al-Rustamani, and during the meeting it was agreed to launch financial transfer operations between the two countries and finance trade and imports between Iraq." And the United Arab Emirates in the UAE dirham currency through the First Abu Dhabi Bank.
He explained, "Transfer operations in the Emirati dirham began today, Wednesday, and the first phase of this agreement will be with five Iraqi banks, which will be gradually increased," indicating, A and E, "This step comes within the framework of enabling Iraqi banks to establish relationships with reputable international banks, which are... It aims to reduce dependence on the electronic platform for financial transfers and work in accordance with normal international practices adopted in strengthening Iraqi bank balances for the purposes of financing trade.”
He pointed out that "First Abu Dhabi Bank offered to contribute to financing clean energy projects in Iraq."
It is noteworthy that First Abu Dhabi Bank is one of the largest and strongest financial institutions in the world, with a credit rating of AA-, and its total assets amount to about 300 billion US dollars.
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