By John Lee.
The Central Bank of Iraq (CBI) has reportedly confirmed an agreement with J.P. Morgan Development Finance Institution to facilitate payments to China in order to finance private sector imports.
According to the state-owned Iraqi News Agency (INA), this agreement enables Iraqi banking systems to make payments directly to the People's Republic of China, and allows the CBI to apply international standards in combating money laundering and financing terrorism.
A number of issues such as reserves management, liquidity management, and technical support provided by JP Morgan Bank to CBI and the banking sector in Iraq were also discussed and agreed upon.
(Source: INA)
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