The Central Bank of Iraq revealed the launch of transfers in UAE dirhams, in payments for intra-trade with the UAE, as part of Baghdad's attempts to manage the shortage of dollars in the markets. Iraq suffers from fluctuating dollar abundance in local markets, as well as a decline in the value of the dinar currency.
The Central Bank of Iraq noted that its joint decision with the UAE would enable Iraqi banks to establish relations with international banks.
The Governor of the Central Bank of Iraq, Ali Mohsen Al-Alaq, explained, "The financial transfer operations between the two countries and the financing of trade and import, will be between Iraq and the UAE in the currency of dirhams, through the First Abu Dhabi Bank."
Source (Al-Araby Al-Jadeed newspaper, Edited)
