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The Central Bank reveals the discussions of the joint Iraqi delegation in Türkiye
December 02, 2023
The discussions conducted by a joint Iraqi delegation (the government, the Central Bank, the Association of Iraqi Private Banks, and the banking sector represented by a number of private banks) were completed in Istanbul and returned to Baghdad yesterday morning.
The discussions culminated in the following:
Agreement to make banking arrangements between Iraqi banks and their Turkish counterparts through intermediary banks to ensure trade exchange for major merchants and importers and to make and pay remittances in the euro and Turkish lira currencies.
Agreement on organizing the trade exchange for small merchants and retailers (dinar in exchange for euros or Turkish lira) under arrangements with combined transfers according to a commercial organization that guarantees the integrated cycle of the commercial process (depositing in dinars inside Iraq, paying in euros or lira in Turkey, shipping goods from Turkey to Iraq).
This facilitates the external transfer of thousands of Iraqi traders and spares them from working through non-fundamental means.
This also comes in the context of regulating trade and external transfer in accordance with sound practices and standards and within the framework of the comprehensive plan pursued by the Central Bank to open multiple channels, outlets and currencies with the aim of maintaining the stability of the financial system and protecting it from risks.
Achieving general price stability by covering imports at the official price, which is confirmed by controlling inflation rates.
Central Bank of Iraq
information Office
2 - December - 2023
https://cbi.iq/news/view/2478
December 02, 2023
The discussions conducted by a joint Iraqi delegation (the government, the Central Bank, the Association of Iraqi Private Banks, and the banking sector represented by a number of private banks) were completed in Istanbul and returned to Baghdad yesterday morning.
The discussions culminated in the following:
Agreement to make banking arrangements between Iraqi banks and their Turkish counterparts through intermediary banks to ensure trade exchange for major merchants and importers and to make and pay remittances in the euro and Turkish lira currencies.
Agreement on organizing the trade exchange for small merchants and retailers (dinar in exchange for euros or Turkish lira) under arrangements with combined transfers according to a commercial organization that guarantees the integrated cycle of the commercial process (depositing in dinars inside Iraq, paying in euros or lira in Turkey, shipping goods from Turkey to Iraq).
This facilitates the external transfer of thousands of Iraqi traders and spares them from working through non-fundamental means.
This also comes in the context of regulating trade and external transfer in accordance with sound practices and standards and within the framework of the comprehensive plan pursued by the Central Bank to open multiple channels, outlets and currencies with the aim of maintaining the stability of the financial system and protecting it from risks.
Achieving general price stability by covering imports at the official price, which is confirmed by controlling inflation rates.
Central Bank of Iraq
information Office
2 - December - 2023
https://cbi.iq/news/view/2478
