Source: Iraq Central Bank did not halt currency transfer platform

Shafaq News/ A senior official from the Central Bank of Iraq (CBI) dismissed reports claiming that the bank's e-platform for foreign currency transfer had been officially suspended starting December 23, 2024.

Speaking to Shafaq News Agency on condition of anonymity, the source clarified that, “The auction operated as usual today, and no official decision to halt the platform has been made thus far.”

The official noted that the platform’s suspension is scheduled for the end of this year, as previously announced by the bank. However, “this step will not halt currency transfer operations as some have suggested. Instead, the process will transition to direct dealings between Iraqi banks and correspondent banks.”

The Central Bank representative pointed out that “many Iraqi banks are equipped to directly engage with correspondent banks, aligning with advanced international banking standards.”