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

[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

 

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

 

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[RJG]

First Turkey, now UAE initiating trade and transfer operations with Iraq.  I feel like we are seeing Iraq slowly go global/international, and testing the waters as they go to gain confidence in their banking systems capabilities.  Go Iraq!  Go Global!!!  

Edited December 13, 2023 by RJG

[RJG]

Sorry all, Gregp had already posted this and I didn't see it.  Please delete.  I don't know how, or I don't have that option in my edits.  RJG

[Laid Back]

Openness to International trading….. BIG Step Forward.!

 

Go Iraq 🇮🇶 

Go international 

Go open market economy 

Go stronger dinar

[gregp]

1 hour ago, Laid Back said:

Openness to International trading….. BIG Step Forward.!

 

Go Iraq 🇮🇶 

Go international 

Go open market economy 

Go stronger dinar

I agree. Big step.