CBI, FAB agree to fund trade imports in Dirham

[gregp]

CBI, FAB agree to fund trade and imports in Dirham

 Economy

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INA-  Baghdad


The Central Bank of Iraq CBI and First Abu Dhabi Bank FAB agreed Wednesday to fund trade and imports in Dirhams.

CBI said in a statement received by the Iraqi News Agency INA, that "the Governor of CBI, Ali Mohsen Al-Alaq, met in Dubai with the Chairman of the First Abu Dhabi Bank, Hana Al Rostamani," indicating that "during the meeting, launching financial transfer operations and funding trade and imports between both countries in Dirham through FAB were agreed on."

"Financial Transfers in UAE Dirhams began today and will be the first phase of this agreement with five Iraqi banks, a matter that will increase gradually, signalizing that "this step comes within enabling Iraqi banks to build relations with established international banks, to reduce reliance on the electronic platform for financial transfers and to work under normal international practices adopted in enhancing the balances of Iraqi banks for trade finance purposes,” the statement also said.

•  Today, 11:12
  https://ina.iq/eng/30353-cbi-fab-agree-to-fund-trade-and-imports-in-dirham.html
   

[gregp]

Huge! Huge! Huge!

[gregp]

The UAE joined the BRICS movement. Iraq just connected banks with the UAE. 

SAY Goodbye to the US dollar!

[RJG]

Iraq agrees with the UAE to launch financial transfer and trade financing operations between the two countries

EconomyIraqThe UAE

2023-12-13 01:23

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Shafaq News/ The Central Bank of Iraq announced today, Wednesday, its agreement with the First Abu Dhabi Bank Group in the United Arab Emirates to launch financial transfer operations and finance trade and imports between the two countries in the UAE dirham currency.

A statement issued by the Central Bank stated that Governor Ali Mohsen Al-Alaq met in Dubai with the head of the First Abu Dhabi Bank Group, Hanaa Al-Rustamani, and during the meeting it was agreed to launch financial transfer operations between the two countries and finance trade and imports between Iraq and the United Arab Emirates in the UAE dirham currency. Through First Abu Dhabi Bank.

The statement indicated that transfer operations in UAE dirhams began today, Wednesday, December 13, explaining that it will be the first phase of this agreement with five Iraqi banks, which will be gradually increased.

According to the statement, this step comes within the framework of enabling Iraqi banks to establish relationships with reputable international banks, and it aims towards reducing dependence on the electronic platform for financial transfers and working in accordance with normal international practices adopted in strengthening the balances of Iraqi banks for the purposes of financing trade.

The statement noted that First Abu Dhabi Bank offered to contribute to financing clean energy projects in Iraq.

It is noteworthy that First Abu Dhabi Bank is one of the largest and strongest financial institutions in the world, with a credit rating of AA-, and its total assets amount to about 300 billion US dollars.

https://shafaq.com/ar/اقتصـاد/العراق-يتفق-مع-ال-مارات-اطلاق-عمليات-التحويل-المالي-بين-البلدين-وتمويل-التجارة-والاستيرادات

[RJG]

Sorry Gregp, I posted the same thing you did on a new thread.  But I agree with you, this is huge.  First it was Turkey, now UAE!  We are seeing them slowly branch out to go international.  We are in great times! 

[gregp]

2 hours ago, RJG said:

Sorry Gregp, I posted the same thing you did on a new thread.  But I agree with you, this is huge.  First it was Turkey, now UAE!  We are seeing them slowly branch out to go international.  We are in great times! 

This is about to pop!