Iraqi banks set to boost their accounts in Emirati dirhams next week

Shafaq News / The Central Bank of Iraq (CBI) concluded the final arrangements regarding the agreement with First Abu Dhabi Bank, a UAE-based bank, as per a banking source today, Saturday.

The source mentioned the expected commencement of the actual implementation of enhancing Iraqi banks' accounts in Emirati Dirhams during the upcoming week. The initial phase of enhancements, the source clarified, would encompass five private Iraqi banks.

According to the source, it İs anticipated that the number of banks will double after assessing the initial phase of implementation, which might extend for a few weeks.

Official Iraqi sources revealed intensive meetings conducted by CBI with the American side in the UAE on Saturday, November 11th, resulting in crucial decisions regarding foreign transfers and bolstering banks' balances in dollars.