Iraq launches euro-based financial transfer system to Turkey

BAGHDAD – The Central Bank of Iraq has launched a new financial transfer system to Turkey, allowing transactions to be conducted in euros. The initiative, designed to simplify and accelerate trade between the two countries, was announced during a meeting between Central Bank Governor Ali Mohsen Al-Alaq and Turkey’s Ambassador to Iraq, Anil Bora Inan, along with representatives from Turkish banks operating in Iraq.

“This new mechanism, which will be implemented through Turkish banks for the first time, is designed to enhance the fluidity and speed of financial transactions related to trade,” said Al-Alaq. The system aims to streamline cross-border business dealings, providing Iraqi traders and businesses with a more efficient way to send money to Turkey.

Both sides discussed the technical and regulatory requirements necessary for the system’s success during the meeting. Turkish banking representatives expressed their commitment to fully support the initiative, ensuring compliance with international auditing standards. “We are ready to implement this new system and will work closely with correspondent banks to ensure smooth operations,” said one Turkish banking official.

Ambassador Inan praised the Central Bank’s proactive approach. “The Central Bank’s efforts to manage and simplify external financial transfers have been impressive,” he said, highlighting the strong cooperation between the Central Bank and Turkish banks.