The Central Bank said on Thursday that the American side has agreed to satisfy the Central Bank of Iraq’s demands for cash shipments in 2024.
In a statement, the bank stated, “The delegation of the Central Bank of Iraq concluded its meetings with the delegation of the US Federal Reserve and the US Treasury in Dubai.”
He went on to say, “Representatives of the US Federal Reserve and the US Treasury appreciated the efforts made by the Central Bank of Iraq during the year 2023 to achieve compliance with the Iraqi banking system.”
According to the bank, “it was agreed and approved by the above authorities to meet the requests of the Central Bank of Iraq for cash shipments for the year 2024, and the meetings witnessed a number of understandings that aim towards building the capabilities of Iraqi banks and enhancing their compliance with international standards.”
“The meetings resulted in a number of agreements related to supporting the Central Bank of Iraq’s policies in its orientation to support Iraqi banks in establishing relationships with correspondent banks and the gradual transition of operations to enhance the advance balance of these banks’ accounts,” the bank continued.
The Governor of the Central Bank of Iraq, for his part, emphasized that “the Central Bank is determined to support Iraqi banks, enhance their capabilities, and prepare them to work in accordance with international practices.”