The agency added that the two countries also agreed to launch financial transfer operations between the two countries, provided that the first phase of this agreement includes five Iraqi banks.
According to the agency, the Central Bank of Iraq revealed the launch of transfer operations in the UAE dirham, indicating that this will enable Iraqi banks to establish relationships with reputable international banks.
The Central Bank of Iraq stated, “The Governor of the Central Bank, Ali Mohsen Al-Alaq, met in Dubai with the Chairman of the First Abu Dhabi Bank Group, Hanaa Al-Rustamani,” explaining that 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 currency. UAE dirham through First Abu Dhabi Bank.
He added, “Transfer operations in the Emirati dirham began today, and the first phase of this agreement will be with 5 Iraqi banks, which will be gradually increased,” noting that “this step comes within the framework of enabling Iraqi banks to establish relationships with reputable international banks, and it aims to reduce dependence on… The electronic platform for financial transfers and working in accordance with normal international practices adopted in enhancing Iraqi bank balances for the purposes of financing trade.”
He explained that “First Abu Dhabi Bank offered to contribute to the financing of clean energy projects in Iraq,” noting that “First Abu Dhabi Bank is one of the largest and strongest financial institutions in the world, as it has a credit rating of AA, and its total assets amount to about 300 billion dollars.” “.
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