US Treasury discusses with CBI foreign trade in three currencies other than the dollar

The Iraqi Central Bank (CBI) Governor, Ali Mohsen al-Alaq, met with US Treasury Assistant Secretary Elizabeth Rosenberg and her accompanying delegation on Wednesday. Discussions included combating money laundering, terrorist financing, and foreign trade in three foreign currencies other than the US dollar.

In a statement, CBI’s Governor highlighted bilateral relations and discussed the measures taken by the bank to combat money laundering and terrorist financing. He also confirmed ongoing support from the US Treasury and joint efforts to enhance transparency, integrity, and the application of international compliance standards in the Iraqi banking system.

The statement further noted that both parties reviewed the outcomes of previous meetings involving the CBI, the US Treasury, and the Federal Reserve. They discussed the possibility of providing technical support for foreign trade financing through reputable banking channels using various currencies, including the Euro, Chinese Yuan, and UAE Dirham. Additionally, they discussed regulating trade with Turkey.

According to the statement, the US Treasury Department commended CBI’s efforts and steps in contracting with international auditing firms to ensure the accuracy and transparency of procedures.

Yesterday, US Ambassador to Iraq, Alina Romanowski, welcomed US Treasury Assistant Secretary Elizabeth Rosenberg in Baghdad, expressing her anticipation for important meetings with government officials and officials from the CBI. She emphasized that progress in international anti-money laundering and banking reform would help combat corruption and support international investment in Iraq.