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[size=36]Economist talks about new measures after stopping transfers[/size]
economy | 10:14 - 03/09/2024
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Mawazine News - Baghdad
Economic expert Osama Al-Tamimi said: "The statements and interviews conducted by the Governor of the Central Bank of Iraq, Ali Al-Alaq, in New York over three days with US Treasury officials gave a new boost and confidence to the Iraqi banking system."
Al-Tamimi described, according to his statement to Mawazine News Agency, the advanced steps to join the global banking system in terms of expanding experience and international banking relations, which will increase knowledge in control procedures for foreign transfers and direct sales of the dollar."
The economic expert explained: "Thus, it will lead to the development of systems in line with international and local standards and the development of a system for covering foreign trade and protecting the banking and financial sector from money laundering and financing terrorism."
He continued, saying: "The Central Bank of Iraq will stop dealings with foreign correspondent banks in the future and reduce reliance on them, after developing the Iraqi banking relations network, gaining the necessary experience, reducing the commissions achieved as a result of foreign coverage transactions, and
gradually ending work on the electronic platform for transfers and replacing it with direct banking relations between Iraqi banks and the network of international correspondent banks, in addition to achieving stability in the exchange rate in the local market.
Economic expert Osama Al-Tamimi said: "The statements and interviews conducted by the Governor of the Central Bank of Iraq, Ali Al-Alaq, in New York over three days with US Treasury officials gave a new boost and confidence to the Iraqi banking system."
Al-Tamimi described, according to his statement to Mawazine News Agency, the advanced steps to join the global banking system in terms of expanding experience and international banking relations, which will increase knowledge in control procedures for foreign transfers and direct sales of the dollar."
The economic expert explained: "Thus, it will lead to the development of systems in line with international and local standards and the development of a system for covering foreign trade and protecting the banking and financial sector from money laundering and financing terrorism."
He continued, saying: "The Central Bank of Iraq will stop dealings with foreign correspondent banks in the future and reduce reliance on them, after developing the Iraqi banking relations network, gaining the necessary experience, reducing the commissions achieved as a result of foreign coverage transactions, and
gradually ending work on the electronic platform for transfers and replacing it with direct banking relations between Iraqi banks and the network of international correspondent banks, in addition to achieving stability in the exchange rate in the local market.
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