The Central Bank of Iraq announced on Friday that 13 Iraqi banks have started participating in the new phase of foreign transfer operations.
According to a statement from the bank, the Central Bank delegation in New York confirmed the launch of this important step, aimed at diversifying currencies and simplifying international transfer processes. The initiative will allow transactions in multiple currencies, including the euro, Chinese yuan, Indian rupee, and Emirati dirham.
The statement further explained that an agreement has been reached on how these operations will be regulated. An international auditing firm, E&Y, has been assigned to review the transfers to ensure their compliance with global standards, promoting transparency and security.
This move underscores the Central Bank’s commitment to strengthening Iraq’s financial system and fostering confidence in foreign transfer operations. The initiative is part of ongoing efforts to support economic growth and increase Iraq’s international cooperation with global markets.
