Transformative Banking Agreements: Key Highlights from the Istanbul Conference on Iraqi-Turkish Banking Initiatives
02-12-2023

Transformative Banking Agreements: Key Highlights from the Istanbul Conference on Iraqi-Turkish Banking Initiatives

During a conference held in Istanbul on December 2nd, stakeholders, including government officials, representatives from the Central Bank, members of the Iraqi Private Banks League, and various leaders from the banking sector, convened. Mr. Wadee Al Handal, President of the Iraqi Private Banks League, Chairman of Asr Bank, and Chairman of Al Handal International Group, along with Mr. Noor Al Handal, Board Member of Ashur Bank, Deputy CEO, and Board Member of Al Handal International Group, participated in the conference. They emphasized that the strategic initiatives discussed aimed not only to decrease the Dollar exchange rate but also to foster enhanced confidence in the Iraqi Dinar.

The conclusion reached includes establishing banking arrangements between Iraqi and Turkish banks for major merchants and importers. These initiatives ensure seamless trade exchanges and facilitate remittances in euro and Turkish lira currencies. Additionally, a forward-thinking approach was adopted for small merchants and retailers, enabling transactions from Iraqi Dinar to Euro or Iraqi Dinar to Turkish Lira. This innovative framework streamlines the entire commercial process, from depositing dinars in Iraq to making payments in Euros or Turkish Lira in Turkiye, significantly benefiting thousands of Iraqi traders.

These approaches align with the Iraqi Central Bank's comprehensive plan, which aims to open multiple channels, outlets, and currencies. The overarching goal is to preserve financial system stability, mitigate risks, and achieve general price stability, reinforcing confidence in the economic landscape. This marks a significant step forward in the economic ties between Iraq and Turkiye.

 

Transformative Banking Agreements: Key Highlights from the Istanbul Conference on Iraqi-Turkish Banking Initiatives
Transformative Banking Agreements: Key Highlights from the Istanbul Conference on Iraqi-Turkish Banking Initiatives
Transformative Banking Agreements: Key Highlights from the Istanbul Conference on Iraqi-Turkish Banking Initiatives
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