RJG Posted Thursday at 02:49 PM Report Share Posted Thursday at 02:49 PM Move to new mechanism What does the closure of the Central Bank platform at the end of the year mean? The Association of Banks explains 21:53 Erbil - 964 The head of the Iraqi Banks Association, Ali Tariq, said that closing the electronic platform at the end of this year will not affect businessmen and the market for a long time, as they will quickly adapt and the market will return to normal, and the foreign trade process will be enhanced through correspondent accounts, adding that Iraq has 6 banks that have American correspondent banks, and 15 banks that have correspondent accounts with other countries to deal in different currencies. Ali Tariq - Chairman of the Iraqi Banks Association, during his attendance at the MERI Conference in Erbil, told 964 Network : The platform will stop working at the end of 2024, but that does not mean that foreign trade financing will not be enhanced, whether in dollars or other currencies, but the working mechanisms will be different. Previously, the platform compensated banks that did not have correspondent accounts with American banks for the purpose of enhancing the dollar currency. After this year, all transfers will be through correspondent accounts, so the transfer capacity for dollars will be for banks that have correspondent accounts only. Other currencies will be for banks that have accounts in the country that has that currency. For example, for the euro, the bank must have a correspondent account in a European bank, capable of completing transfers. Therefore, the platform's downtime is not a cessation of work, but rather a transition to new work mechanisms. There will be some changes in the market but they are temporary because businessmen have to adapt to the new mechanisms that are within international standards. We have 6 banks that have accounts in US banks, which will be able to transfer in dollars, and other banks that will cover other currencies. More than 15 banks are able to transfer, as they have accounts in the main countries from which Iraq imports, such as the Emirates, China, India, Turkey, and the Euro, and there are other currencies. https://964media.com/463821/ 5 1 1 Quote Link to comment Share on other sites More sharing options...
Officiallytook Posted Thursday at 06:48 PM Report Share Posted Thursday at 06:48 PM Oh I'm getting excited 3 2 1 Quote Link to comment Share on other sites More sharing options...
3n1 Posted Thursday at 06:52 PM Report Share Posted Thursday at 06:52 PM What does the closure of the Central Bank platform at the end of the year mean? hopefully stopping MCP in country , dusting off and rolling out the LD's cheers dv'ers 3 4 3 Quote Link to comment Share on other sites More sharing options...
horsesoldier Posted Thursday at 08:12 PM Report Share Posted Thursday at 08:12 PM 1 hour ago, 3n1 said: What does the closure of the Central Bank platform at the end of the year mean? hopefully stopping MCP in country , dusting off and rolling out the LD's cheers dv'ers My first (sarcastic) thought was going out of business, filing for bankruptcy. Am I being too harsh??? 🤣 4 Quote Link to comment Share on other sites More sharing options...
screwball Posted Thursday at 09:00 PM Report Share Posted Thursday at 09:00 PM ending auctions and as per previous article launching new financial and monetary system! 4 3 Quote Link to comment Share on other sites More sharing options...
screwball Posted Thursday at 09:08 PM Report Share Posted Thursday at 09:08 PM 2 hours ago, Officiallytook said: Oh I'm getting excited me too watch BBOB shares closely as they have been rising fast, considering they have been dormant for over 15 years something is up..... 3 1 Quote Link to comment Share on other sites More sharing options...
3n1 Posted Thursday at 11:58 PM Report Share Posted Thursday at 11:58 PM 3 hours ago, horsesoldier said: My first (sarcastic) thought was going out of business, filing for bankruptcy. Am I being too harsh??? 🤣 🤣...... im confident its not gonna be what i typed above , iraq usually does something not even close to the positive impact im waiting on ..... cheers HS 1 1 Quote Link to comment Share on other sites More sharing options...
horsesoldier Posted Friday at 12:55 AM Report Share Posted Friday at 12:55 AM 53 minutes ago, 3n1 said: 🤣...... im confident its not gonna be what i typed above , iraq usually does something not even close to the positive impact im waiting on ..... cheers HS All the Best 3n1...we wait . This keeps up much longer I'm gonna have to go back to Cracker Barrel and purchase another rocking chair 😃 3 Quote Link to comment Share on other sites More sharing options...
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