Iraq, fighting a booming currency black market, has considerably increased overseas dollar transactions through the official global SWIFT system, the Central Bank vice governor said on Monday.
Customers at the Central Bank of Iraq, which says many foreign trade transactions now go through its electronic platform. Photo: AHMAD AL-RUBAYE / AFPAt the end of 2022 the country's bankings sector also adopted the international financial messaging system known as SWIFT as part of the reforms, to help tackle money laundering and ensure respect for international sanctions.
Transactions through the Central Bank electronic platform -- which ensures compliance with SWIFT -- have considerably increased, the bank's vice governor Ammar Khalaf told AFP."At the beginning of 2023, transactions were at $50 million per day. Now, we have around $200 million, which is consistent with the size of Iraq's economy," he added.
"We noticed that rejections have decreased recently because the banks understood international requirements" and traders know better what is needed toCorporate India in spotlight after political donor list release
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