Tehran, Baghdad Sign Banking MoU

In order to improve banking relations and implement agreements signed by the two countries’ central bank governors last year, banking officials of Iran and Iraq signed a memorandum of understanding after days of negotiations. The main issues of MoU revolve around correspondent banking relations between the two countries, opening foreign exchange accounts using euro, using local currencies for banking settlements, connecting their bank card systems, supporting both countries’ commercial banks to open branches in the other country, easing the payment process for travelers and pilgrims of both countries and training the employees of the central and commercial banks of Iraq, the CBI website reported. Hussein Yaqoubi, director general of CBI’s International Affairs Department, Valid Eydi Abdolnabi, consultant of the Iraqi central bank governor, Feysal Vasam Alhamis, the head of Trade Bank of Iraq, and a number of banking experts were present in the ceremony.