CBI to open accounts in euros in Turkish banks to enhance transfers
The Central Bank of Iraq. Photo: INA
Baghdad (IraqiNews.com) – A source in the Central Bank of Iraq (CBI) revealed on Wednesday that the CBI agreed with Turkish banks to open accounts for Iraqi banks to enhance external transfers in the euro currency.
The source told the Iraqi News Agency (INA) that the agreement was reached during a meeting attended by the CBI Governor, Ali Al-Alaq, the Turkish Ambassador to Iraq, the Chairman of the Turkish Business Council, and the managers of Turkish banks in Iraq.
Officials from the CBI and representatives of Iraqi banks will discuss other proposals in the Turkish city of Istanbul at the end of November, according to the source.
The agreement will facilitate trade exchange between Iraq and Turkey, particularly since the volume of trade between the two countries is very high. It will also expand external transfer outlets for importers in the euro currency.
Additionally, the agreement is part of the CBI’s several measures taken recently to reduce the US dollar exchange rate.
This arrangement is in line with the CBI’s plan to switch from using an electronic platform for transfers to using Turkish banks that do business with banks in Iraq. It will also increase channels for external transfers.