The Central Bank of Iraq announced today, Wednesday, the launch of remittance operations between Iraq and the UAE in UAE Dirhams, which will enable Iraqi banks to establish relationships with reputable global banks. The statement indicated that "the Governor of the Central Bank of Iraq, Ali Mohsen Al-Alaq, met in Dubai with the CEO of First Abu Dhabi Bank, Hanaa Al-Rustamani," noting that during the meeting, an agreement was reached to launch financial remittance operations between the two countries and to finance trade and imports between Iraq and the United Arab Emirates in UAE Dirhams through First Abu Dhabi Bank.
It was added that "remittance operations in UAE Dirhams began today, and the initial phase of this agreement will involve five Iraqi banks, which will gradually increase." The statement pointed out that "this step aims to empower Iraqi banks to build relationships with reputable global banks, reducing reliance on the electronic platform for financial remittances and working according to standard international practices to strengthen the reserves of Iraqi banks for trade financing purposes."
Furthermore, it was explained that "First Abu Dhabi Bank offered to contribute to financing clean energy projects in Iraq," noting that "First Abu Dhabi Bank is one of the largest and strongest financial institutions globally."
