Shafaq News/ The Central Bank of Iraq has initiated euro-based financial transfers to Turkiye.

The announcement was made during a meeting between the Governor of the Central Bank of Iraq, Ali Al-Alaq, and the Turkish ambassador to Iraq Anil Bora Inan, along with representatives from Turkish banks operating in Iraq, according to a statement from the Central Bank.

According to a statement from CBI, the new mechanism, implemented for the first time, facilitates financial transfers to Turkiye in euros through Turkish banks. “This system aims to streamline trade coverage with greater speed and efficiency, offering a smoother process for business transactions between the two countries.”

The meeting also focused on ensuring the success of the new mechanism by addressing its requirements, particularly in managing the high volume of transfers from traders and the business sector.

“The Turkish bank representatives expressed their readiness to implement the system and meet the regulatory and oversight demands in coordination with international auditing firms.” They also emphasized their efforts to expand relationships with accredited correspondent banks.

Turkiye’s ambassador praised the Central Bank of Iraq for its efforts in managing the shift to external transfers and commended the bank's measures to organize and facilitate these processes. He highlighted the importance of continued direct coordination between the Central Bank and licensed banks to ensure the smooth operation of this new system, according to the statement.