CBI opens an account with Euroclear to develop the performance of foreign reserves

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With great efforts by the administration of the Central Bank of Iraq in developing the management of foreign reserves, an account opened with (Euroclear Corporation).  Euroclear Corporation is the most substantial custodian institution that provides securities custody services as well as other services such as the ease of conducting investment operations without the need for a contract Agreements with the issuer of securities, low cost of custody, and ease of tracking.

The process carried out before by central banks and correspondent banks, which impose an additional commission on keeping these papers, as well as the limited investment due to the multiplicity and complexity of procedures in the presence of the intermediary.

Opening the account is an important step in the work of the Central Bank of Iraq, as it simulates international practices in the process of investing in foreign reserves. Also an important achievement that this bank adds to its set of achievements in managing reserves and international transactions.


Central Bank of Iraq
     Media office
      2/11/2020