CBI to consider using Chinese yuan in foreign trade 3/7/23

The Central Bank of Iraq. Photo: Iraqi News Agency

Baghdad (IraqiNews.com) –

The Central Bank of Iraq (CBI) announced it will continue to follow positive steps to facilitate the financing of foreign trade, confirming its communicating with Chinese banks to use the Chinese yuan in foreign trade, according to a statement cited by the Iraqi News Agency (INA).

The CBI’s Deputy Governor, Ammar Hamad Khalaf, mentioned in a statement that the CBI continues to follow the instructions previously issued to ensure the stability of the exchange rate.

Khalaf indicated that a meeting was held with officials in the banking sector, merchants and factory owners to confront and overcome challenges they face, INA reported.
Khalaf noted that the CBI began expanding the channels that facilitate access to the electronic platform.

Khalaf illustrated that the CBI will continue to follow positive steps to facilitate the financing of foreign trade and official transfers abroad.
The CBI’s Deputy Governor called on citizens and business owners to head to banks or exchange shops to get foreign currencies. He added that banks are greatly assisting merchants to finance their foreign trade.

The Iraqi official stated that the CBI is constantly communicating with Chinese banks to allow merchants to transfer money to China, elaborating that the CBI receives the amounts that would be transferred to China in Iraqi dinar from Iraqi banks, and transfers equivalent amounts in Chinese yuan to China.

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