Today, Saturday, a government source announced the Central Bank of Iraq’s agreement with the American side to increase the advance balance of five Iraqi banks in dollars.
The source said in a statement that was immediately followed by “Al-Ma’louma” : “Intensive meetings took place in Abu Dhabi in the past few days between a delegation from the Central Bank of Iraq and the American side responsible for foreign transfer operations to cover imports, and the negotiations culminated in a number of decisions and mechanisms that contribute to Facilitating procedures for external transfers related to imports through the foreign currency sales window.”
“It was agreed to increase the advance balance of five Iraqi banks in their accounts in dollars with Jordanian banks and transfers via (JP),” he continued.
He went on to say, “There were also other meetings that brought together one of the Emirati banks, the Central Bank of Iraq, and the American side, to implement the mechanism for enhancing balances in the Emirati dirham for Iraqi banks (UAE Dirham pilot),” pointing out that “things are going well in this aspect, as all the technical details related to it have been resolved.” In this context, the process for strengthening balances in the UAE dirham is likely to commence within the next several days.”
He emphasized that “serious negotiations are nearing completion to increase the balances of some Iraqi banks in euros with UBAF Bank to finance trade with the European Union,” adding “an increase in the number of banks.”
He went on to say, “Accounts have been opened for 6 Iraqi banks in this bank, and during the coming period 7 more banks will be added to finance Iraqi trade and imports from China, as these imports are estimated at about 12 billion dollars annually.”
According to the report, “bank accounts have begun to be opened in Indian rupees for a number of Iraqi banks at the same correspondent, the Singapore Development Bank (New Delhi branch), and operations to enhance the balance of two Iraqi banks have actually been completed as a first stage, and it is expected that this mechanism will contribute to financing Iraq’s imports from India, especially medicines.” And food, which is predicted to be worth $3 billion.
