Governor Ali al-Alaq of the Central Bank of Iraq announced that 20 Iraqi banks are now conducting direct transfers in eight foreign currencies. This development follows productive meetings with the US Federal Reserve, aimed at enhancing the foreign remittance system. Al-Alaq emphasized the need to highlight these successes to improve Iraq’s image in the global banking community.
On Tuesday, the Governor of the Central Bank of Iraq, Ali al-Alaq, announced that 20 Iraqi banks are now conducting direct transfer operations in eight different foreign currencies. During an interview with the Iraqi News Agency (INA), he highlighted the positive outcomes from recent quarterly meetings with the US Federal Reserve and the Treasury Department, which were held in Dubai. These meetings acknowledged the Central Bank’s significant efforts to enhance the foreign remittance system, transitioning to international banking standards that emphasize safety, transparency, and organization.
Al-Alaq described this development as a pioneering achievement for Iraq’s banking sector. He explained that the banking system has progressed from using a traditional window method to a platform, and currently, to operations with correspondent banks. He further noted that the 20 banks engaging in direct transfers are a part of this new international framework.
Additionally, Al-Alaq mentioned that other banking institutions that are not yet part of this system are in the process of meeting specific qualifications in partnership with an international consulting firm. He asserted that there have been no new sanctions imposed; rather, there has been commendation from international organizations regarding the process of selling cash dollars.
Emphasizing the importance of these advancements, Al-Alaq urged for a focus on the successes within the Iraqi banking sector. He expressed that showcasing these positive transformations would enhance the perception of Iraqi banks among international financial institutions, thereby facilitating further engagement and cooperation.
In conclusion, the establishment of direct transfer operations by 20 Iraqi banks marks a significant step towards modernizing Iraq’s banking system in line with international practices. Governor Ali al-Alaq’s statements indicate a commitment to improving the foreign remittance framework, promoting transparency, and fulfilling necessary qualifications for other banks. This transformation not only reflects positively on domestic banks but also encourages international collaboration.
Original Source: ina.iq
