Iraqi Central Bank signs agreement with Turkish banks to boost external transfers in euros

BAGHDAD, November 16 — Iraq’s Central Bank has reportedly stuck an agreement with Turkish banks to facilitate foreign and bilateral trade in euros, a CBI source said on Wednesday.

The source, quoted by the official Iraqiyya News Agency, said Turkish banks had agreed to open accounts for Iraqi financial institutions for external transfers and financing foreign trade in euros.

“The agreement came during a meeting between the Governor of the Iraqi Central Bank, Ali Mohsen Al-Alaq, the Turkish Ambassador, and the head of the Turkish Business Council, along with the directors of Turkish bank branches in Iraq,” the source said.

The source added that other proposals put forward would be discussed in Istanbul at the end of November.

“The agreement aims to facilitate the trade exchange between Iraq and Turkey, especially given the high volume of trade between the two countries, as well as expand external transfer channels for importers in euros.”