Iraq's Central Bank Expands Foreign Transfer Options

The Central Bank of Iraq (CBI) announced an expansion of foreign currency transfer options for local banks, adding the Jordanian Dinar and Saudi Riyal to the list.

Iraqi banks are now also permitted to fund trade with Turkey in Euros, previously restricted to transactions with EU countries. These currencies join the existing options of the US Dollar, UAE Dirham, Chinese Yuan, and Indian Rupee.

This move aims to diversify trade financing options and streamline international transfers at official rates. The CBI highlighted its commitment to facilitating smoother transactions, increasing the involvement of local banks in global transfers, and enhancing economic cooperation with partner nations.

According to a statement from the CBI, this year it has successfully transitioned from an electronic platform to direct transactions through correspondent banks, aligning with global banking practices and earning widespread recognition.