On Tuesday, the Federation of Chambers of Commerce announced the launch of a campaign to broaden the scope of banks sponsored by the Central Bank, noting that 15 banks trade in Chinese yuan and UAE dirham.
Abdul Razzaq Al-Zuhairi, president of the Federation, told the official news agency, “The Federation of Chambers of Commerce took a good initiative by expanding the scope of banks supported by the Central Bank, which in turn operate as correspondent banks with international banks.”
Al-Zuhairi went on to say, “Five banks were supported, and now the number has increased to 10 banks, in addition to about 13 banks dealing in the Chinese yuan, in addition to two banks dealing in the UAE dirham,” emphasizing the need for “banks to modernize and look towards major international banks.”
The Central Bank of Iraq had already confirmed the details of the agreement to reinforce five Iraqi banks with UAE dirhams.
An authorized bank source also indicated that the Central Bank had agreed with Turkish banks to create accounts for Iraqi banks in order to improve external transfers in euro currency, while 13 banks’ accounts in Chinese yuan had been enhanced.
He went on to say: “The banks that have strengthened their accounts in Indian rupees with the Development Bank of Singapore are two, and other banks will be added soon.”