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Established in 2006 as a Community of Reality

Welcome to the Neno's Place!

Neno's Place Established in 2006 as a Community of Reality


Neno

I can be reached by phone or text 8am-7pm cst 972-768-9772 or, once joining the board I can be reached by a (PM) Private Message.

Established in 2006 as a Community of Reality

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Established in 2006 as a Community of Reality

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    Private Banks Association: Iraq to adopt advanced trade finance system by end of 2024

    Rocky
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    Private Banks Association: Iraq to adopt advanced trade finance system by end of 2024 Empty Private Banks Association: Iraq to adopt advanced trade finance system by end of 2024

    Post by Rocky Wed 13 Nov 2024, 4:46 am

    Private Banks Association: Iraq to adopt advanced trade finance system by end of 2024

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    Economy News - Baghdad
    The Iraqi Private Banks Association announced, on Wednesday, a move to adopt an advanced trade finance system by the end of the year.
    The Executive Director of the Iraqi Private Banks Association, Ali Tariq, told the official agency, which was followed by "Al-Eqtisad News", that "work on the foreign trade financing platform began at the beginning of 2023 and is witnessing significant development," indicating that "it is expected that by the end of the year there will be a transition to another more advanced and accurate system to enhance control over foreign transfers related to trade."
    He explained that "the new system will depend on correspondent banks instead of the current mechanisms, as each bank will have the ability to conduct transfers according to its capabilities and possession of correspondent accounts, whether in American banks or other banks that provide transfer services in different currencies."
    He added, "This process will remain the same for the public and merchants wishing to transfer, as the requirements will not change significantly, but the accuracy of transfer operations will improve through the activation of control systems and regulations imposed by correspondent banks."
    He stressed that "this transformation will increase public confidence in the Iraqi banking sector, as local banks will adhere to the instructions and mechanisms of international correspondent banks, which will enhance work within strict international systems and agreements."




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