2023-12-13T13:21:52+00:00
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/ The Central Bank of Iraq revealed, on Wednesday, that Iraq’s imports from the UAE exceeded $21 billion in 2022, indicating that dealing in the UAE dirham will be with the same mechanism adopted with Turkey and India.
Assistant Director General of Investments at the Central Bank, Muhammad Younis, said in an interview with Agency, “Dealing in the UAE dirham will help cover our imports, which last year amounted to 21 billion and 478 million and 796 thousand dollars,” noting that “dealing in the dirham will avoid us dealing in the dollar, which “Subject to scrutiny.”
He continued, “The Emirati dirham will contribute to facilitating the process of financing trade from the Emirates and reduce pressure on the secondary market because many Iraqi traders cannot transfer dollars to the Emirates, which is also subject to auditing and delays.”
The Governor of the Central Bank, Ali Al-Alaq, announced the agreement with the Abu Dhabi Bank Group to launch financial transfer operations between the two countries and finance trade and imports between Iraq and the United Arab Emirates in the UAE dirham currency.
It is noteworthy that First Abu Dhabi Bank is one of the largest and strongest financial institutions in the world, with a credit rating of AA-, and its total assets amount to about 300 billion US dollars.
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