The Governor of the Central Bank of Iraq participates in the joint annual meetings of Arab financial institutions in Rabat

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His Excellency the Governor of the Central Bank of Iraq and his accompanying delegation participated in the meetings of Arab financial institutions that are being held in the Moroccan capital, Rabat, for the days 29-30 April 2023.

During the speech of the Chairman of the Board of Directors of the Arab Fund, Dr. Abdul Rahman Al-Hamidi, he thanked the Central Bank of Iraq for its continuous support for the success of the Regional Corporation for Arab Payments Clearing and Settlement (Bunna platform).

His Excellency Central Bank of Iraq Governor, Mr. Ali Mohsen Al-Alaq, said that the bank contributed to supporting the efforts of the Arab Monetary Fund in voting to increase the platform’s capital by an additional fifty million dollars to help expand the platform’s business and support its activities.

His Excellency also met with a number of governors and heads of Arab institutions, to strengthen the relations of Iraqi banks with Arab banks through the approval of a number of Iraqi banks to establish banking relations and open branches for a number of them in those countries.

 

It is noteworthy that (Bani platform) is a system for inter-Arab payments wholly owned by the Arab Monetary Fund, in which Iraq is a founding member and an active shareholder.

The platform aims to enable Arab financial institutions, central banks, and commercial and Islamic banks to perform payments among themselves in a timely and reliable manner, at an appropriate cost and with high efficiency, facilitating cross-border payments.

The platform also provides participants with modern payment solutions that comply with international standards, principles and international compliance requirements. Since its launch, it has constituted an important step towards enhancing economic and financial integration opportunities in the Arab region and supporting investment ties with trading partners of Arab countries around the world.

 

CBI

Media Office

2023/4/29