Al-Alaq: Our communication continues with the US Federal Reserve and the US Treasury

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The Governor of the Central Bank, Ali Al-Alaq, acknowledged the continuing of contact between the Central Bank of Iraq, the US Treasury, and the US Federal Reserve, adding that the three parties will meet again at the beginning of next month.

According to Al-Alaq, the Central Bank of Iraq is in constant communication with the US Treasury Department and the US Federal Reserve, and that “this communication continues permanently, and there are quarterly meetings held to review all related matters within the framework of this relationship.” He went on to say, “There will be a meeting.”

Held We will review all matters with emphasis and focus on the issue of regulating external transfer in a way that ensures the safety of the financial system, especially after the implementation of the new external transfer system, which requires a lot of coordination, at the beginning of next month, during the periodic quarterly meetings held by the Central Bank, the Federal Bank, and the Ministry of Treasury.

He went on to say that “these developments that have taken place are radical and not formal developments within the framework of reorganizing trade on sound foundations and organizing external transfer on sound foundations,” elaborating on the fact that “the details related to this issue require coordination and joint cooperation between the Central Bank and those parties.” He emphasized

To the effect that “The next meeting will be in the Emirati city of Dubai,” and that “there are quarterly meetings in addition to emergency organizational meetings or communications via telephone or video communication.”

“The Federal Bank agrees with the Central Bank on the necessity of removing them from the process of conducting the executive aspects of the external transfer, and their role is limited to supervision and control, and this is normal in central banks that do not exercise these executive roles or detailed operations with regard to external transfer, and thus the plan was developed,” he said. We have agreed for the Central Bank of Iraq and the Federal Bank to leave these procedures, confirming the formulation of a plan for transfer.

He mentioned establishing a new relationship between Iraqi banks and internationally accredited correspondent banks abroad, with the role of the Central Bank of Iraq and the US Federal Reserve limited to monitoring and supervision, and we started looking for a relationship between correspondent banks and our Iraqi banks some time ago.

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