By John Lee.
The Central Bank of Iraq (CBI) announced the outcomes of a high-level delegation visit to the United States, led by Governor Ali Mohsen Al-Alaq, from August 26 to 29, 2024.
The delegation held extensive meetings in New York with the U.S. Treasury, the Federal Reserve, and major financial institutions such as Visa, Mastercard, MoneyGram, Citi Bank, JP Morgan, and international auditing firms including KPMG, Ernst & Young, K2i, and Oliver Wyman.
The meetings highlighted the CBI's significant advancements in monitoring foreign transfers and cash sales of U.S. dollars, aligning its systems and policies with international standards. These efforts have enhanced transparency in foreign trade financing and strengthened protections against money laundering, terrorism financing, and other financial crimes.
The CBI also announced plans to shift from the current electronic platform for foreign transfers to direct banking relationships between Iraqi banks and international correspondent banks by the end of this year. This transition, developed in consultation with global partners, aims to improve the stability, transparency, and efficiency of Iraq's foreign trade financing, contributing to a more stable exchange rate and a more robust financial system.
Additionally, discussions in New York focused on expanding Iraq's network of correspondent banks and preparing Iraqi banks to meet the requirements for opening accounts with international banks, facilitating transactions in both U.S. dollars and other foreign currencies.
(Source: CBI)
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