ERBIL — The Central Bank of Iraq (CBI) announced the conclusion of dollar sales through its electronic platform, marking a significant step in the modernization of Iraq’s foreign transfer system.

In a statement on Wednesday, the bank highlighted the transition to a new platform that facilitates transactions in multiple currencies, including the Indian rupee, Chinese yuan, euro, UAE dirham, Saudi riyal, and Jordanian dinar.

“We have succeeded in complying with the program related to foreign transfers through an electronic platform for Iraqi banks operating via their affiliated foreign banks,” the CBI stated. 

The transition represents the culmination of efforts to modernize the foreign transfer process, which previously relied on a buy-and-sell window for foreign currency.

The bank emphasized that this new approach aligns with international standards by separating the central bank’s duties from those of commercial banks.

Iraqi banks will continue to see increased balances in foreign currencies, enabling them to better serve their clients and support the country’s economic needs.

“This achievement enhances the efficiency and security of foreign transfer operations and brings Iraq in line with global practices,” the statement added. 

The move is expected to strengthen Iraq’s financial relationships both regionally and internationally, creating new opportunities for investment.

The CBI also reaffirmed its commitment to supporting Iraqi banks in improving compliance standards and combating money laundering. 

It expressed confidence that these efforts would boost the credibility of Iraqi banks on the global stage and contribute to the overall growth of the Iraqi economy.

The shift marks a new phase for Iraq’s financial sector, positioning the country to enhance its regional and international economic integration.