The Central Bank opens an account with Euroclear to develop the performance of foreign reserves
With unremitting efforts by the administration of the Central Bank of Iraq in developing the management of foreign reserves, this bank opened an account with (EuroClear Foundation), which is the most important custodian institution that provides securities custody services as well as other services, including the ease of conducting investment operations without the need for a contract Agreements with issuer of securities, low cost of custody and ease of tracking.
This bank indicates that soon, the process was carried out by central banks and correspondent banks, which impose an additional commission on keeping these papers, as well as the limited investment due to the multiplicity of procedures and their complexity in the presence of the intermediary.
This step is important in the work of the Central Bank of Iraq, as it simulates international practices in the process of investing foreign reserves, and is an important achievement that this bank adds to its set of achievements in managing reserves and international transactions.
November 2, 2020