The Central Bank of Iraq announced the expansion of foreign transfer channels for local banks, which includes new currencies: Jordanian Dinar and Saudi Riyal. It also allows Iraqi banks to facilitate trade with Turkey in Euros after it was previously limited to use with European Union countries only, in addition to the existing transfers in US Dollar, UAE Dirham, Chinese Yuan, and Indian Rupee.
The bank explained that this step is part of its efforts to expand foreign trade financing options with various currencies and channels, and the bank has begun taking necessary measures to meet banks' requests for these currencies.
The Central Bank indicated that this expansion in foreign transfer channels provides transfers at the official rate and aims to facilitate transfers and increase the participation of more banks in the foreign transfer process and expand the horizons of economic cooperation between Iraq and other countries.