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[size=36]Iraq announces launch of new mechanism for financial transfers to Türkiye[/size]
economy | 04:54 - 03/10/2024
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Mawazine News - Baghdad
The Governor of the Central Bank of Iraq, Ali Al-Alaq, announced today, Thursday, the launch of financial transfers to Turkey according to a new mechanism carried out in the euro currency.
A statement by the Central Bank, received by Mawazine News, stated that Al-Alaq "received the Ambassador of the Republic of Turkey to Iraq (Anil Bora Inan) with a delegation of representatives of Turkish banks operating in Iraq," noting that "the meeting coincides with the launch of financial transfers to Turkey, according to a new mechanism carried out in the euro currency and implemented inside Turkey through its banks. This mechanism, which is being applied for the first time, will simplify trade coverage operations with high fluidity and speed."
According to the statement, the two sides discussed "ways to provide the requirements of the new mechanism; in order to make it a success and accommodate the large number of transfers from merchants and the business sector."
The bank representatives expressed "their readiness to implement the new mechanism and provide the regulatory and supervisory requirements in coordination with the international auditing company, and they also demonstrated their efforts in the context of expanding their channels with approved correspondent banks."
The Turkish Ambassador praised the "efforts of the Central Bank in managing the process of transformation in foreign transfers, and the measures taken by the bank to organize and facilitate the transformation processes, praising his meeting with the Governor of the Central Bank of Iraq and the continuous and direct coordination between the Central Bank's management and the authorized banks."
A statement by the Central Bank, received by Mawazine News, stated that Al-Alaq "received the Ambassador of the Republic of Turkey to Iraq (Anil Bora Inan) with a delegation of representatives of Turkish banks operating in Iraq," noting that "the meeting coincides with the launch of financial transfers to Turkey, according to a new mechanism carried out in the euro currency and implemented inside Turkey through its banks. This mechanism, which is being applied for the first time, will simplify trade coverage operations with high fluidity and speed."
According to the statement, the two sides discussed "ways to provide the requirements of the new mechanism; in order to make it a success and accommodate the large number of transfers from merchants and the business sector."
The bank representatives expressed "their readiness to implement the new mechanism and provide the regulatory and supervisory requirements in coordination with the international auditing company, and they also demonstrated their efforts in the context of expanding their channels with approved correspondent banks."
The Turkish Ambassador praised the "efforts of the Central Bank in managing the process of transformation in foreign transfers, and the measures taken by the bank to organize and facilitate the transformation processes, praising his meeting with the Governor of the Central Bank of Iraq and the continuous and direct coordination between the Central Bank's management and the authorized banks."
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