Iraq bolsters foreign exchange assets to finance trade
The headquarters of the Central Bank of Iraq. Photo: Central Bank of Iraq
Baghdad (IraqiNews.com) – Officials from the Central Bank of Iraq (CBI) held intensive meetings with US officials in Abu Dhabi recently to discuss external transfers to cover imports.
A source in the Iraqi government told the Iraqi News Agency (INA) that Iraq strengthened its assets in the yuan currency through the Singapore Development Bank to finance the country’s trade with China by about $12 billion annually.
The oil-rich country also increased its assets in UAE dirham and is negotiating to increase its assets in euros to finance trade with the European Union.
The CBI, during meetings with US officials, agreed to increase the balance of five Iraqi banks in Jordan through JP Morgan.
There are serious negotiations that have reached their final stages to enhance the balances of some Iraqi banks in euros with UBAF Bank to finance trade with the European Union, the source mentioned.
Bank accounts have been opened for six Iraqi banks in the Singapore Development Bank, and seven more banks will be added in the coming period to finance Iraq’s imports from China.