Baghdad – A government source in Baghdad confirmed today that a high-ranking Iraqi delegation is set to depart for Turkey on Monday to engage in discussions on three significant topics.

According to National Iraqi News Agency, the delegation, prompted by the Prime Minister’s directives, aims to stabilize and legally regulate trade exchange between Iraq and Turkey. The delegation, leaving early Monday, includes the financial advisor to the Prime Minister, three Central Bank of Iraq officials, and twelve directors of Iraqi banks. They will engage in dialogues with several Turkish financial and banking institutions, such as the Central Bank of Turkey, the Association of Banks, and the Turkish Banking Regulation and Supervision Agency. These discussions follow the initial round that took place in Baghdad on November 15, 2023.

The talks will focus on key areas, including:

Opening correspondent accounts for Iraqi banks in various foreign currencies at Turkish banks to facilitate account settlements between the two countries and resolving any hindrances in this process.

Enhancing the accessibility and use of credit cards for Iraqi residents and tourists within the Turkish banking market.

Coordinating trade exchange between Iraq and Turkey through their respective customs authorities. This includes aligning the goods supplied to Iraq with financial transfer documents through the foreign currency buying and selling window, thereby safeguarding the trade interests and stability of both nations.

The source expressed optimism that these discussions would lead to the signing of several agreements related to banking arrangements between Iraq and Turkey. These agreements are expected to help manage the demand for the cash dollar in the irregular foreign currency market, contributing to a more stable and regulated financial relationship between the two countries.