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What does the closure of the Central Bank platform at the end of the year mean? The Association of Banks explains


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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/

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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 

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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 :rocking-chair:.

This keeps up much longer I'm gonna have to go back to Cracker Barrel and purchase another rocking chair 😃

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