CBI: Our imports from the UAE exceed $21 bn annually

Shafaq News / The Central Bank of Iraq (CBI) revealed on Wednesday that Iraq's imports from the United Arab Emirates exceeded $21 billion in 2022. It indicated that dealing with the Emirati dirham would follow the same mechanism used with Turkey and India.

Mohammed Younis, the Deputy Director-General for Investments at CBI, stated to Shafaq News Agency, "Dealing with the Emirati dirham will cover our imports, which reached $21,478,796,000 last year." He pointed out, "Using the dirham will save us from dealing with the scrutinized dollar."

He added, "The Emirati dirham will facilitate trade finance from the UAE and alleviate pressure on the secondary market because many Iraqi traders cannot convert dollars to the UAE due to audit-related delays there."

Younis mentioned, "The bank is dealing with local currencies of other countries. We started with the Chinese yuan and are in the final stages. We are also transacting with Turkey in lira and with India in rupees."

Earlier, CBI’s Governor Ali Al-Alaq had announced an agreement with Abu Dhabi First Bank to launch financial transfers, trade finance, and imports between Iraq and the United Arab Emirates using the Emirati dirham.

It is noteworthy that Abu Dhabi First Bank is among the world's largest and strongest financial institutions, holding an AA credit rating, with total assets of around $300 billion.