logo

Dollar Transfers from Iraq: JP Morgan awards TBI

Iraq Business14-05-2025

By John Lee.
The Trade Bank of Iraq (TBI) has been awarded the "STP Excellence in Payments and Transfers" award from JP Morgan, recognizing the bank's commitment to efficient and sustainable direct payment practices.
According to a statement from TBI, the award highlights its high efficiency in processing financial transactions, particularly in direct financial transfers of US dollars and euros, achieving a 99.68% MT103 success rate.
According to SWIFT, an MT103 is a standard SWIFT message used for single customer credit transfers. It is generated when a customer of one financial institution instructs that institution to transfer funds to a beneficiary at another financial institution. This message type is commonly used for cross-border payments.
Bank spokesperson Ahmed Saad Al-Khazraji noted that this recognition reflects the bank's ability to handle electronic transactions with minimal manual intervention, reducing errors and operational costs. He said TBI's success places it among a limited number of global banks achieving this level of excellence.
(Sources: Trade Bank of Iraq, SWIFT)

Orange background

Try Our AI Features

Explore what Daily8 AI can do for you:

Comments

No comments yet...

Related Articles

'Visit Kurdistan' Platform is launched; 20m Tourists by 2035
'Visit Kurdistan' Platform is launched; 20m Tourists by 2035

Iraq Business

time20 hours ago

  • Iraq Business

'Visit Kurdistan' Platform is launched; 20m Tourists by 2035

By John Lee. Iraqi Kurdistan's 'Visit Kurdistan' platform was formally launched on Tuesday. The private-sector-led initiative is focused on advancing the Kurdistan Region's tourism sector and attracting international visitors. During the event, KRG Prime Minister Masrour Barzani delivered a speech in which he emphasized that the KRG, as part of its development agenda across all sectors, places particular importance on tourism. He noted that attracting foreign tourists to the Kurdistan Region provides an opportunity for cultural exchange and greater international visibility. The KRG aims to attract 20 million international tourists by 2035. Click here to visit the Visit Kurdistan platform. The following is the full text of PM Barzani's speech: Distinguished guests, Good evening. I am pleased to be with you today at this event marking the launch of the Visit Kurdistan platform. I congratulate the organizers and all involved in this effort and wish them continued success. This initiative is another step toward increasing the visibility of Kurdistan abroad and attracting more international tourists to our region. Within the KRG's broader vision to support all sectors, we place great importance on the tourism sector. Kurdistan has the foundations to become a leading tourism destination and an important source of revenue and employment for our youth. With its stunning natural landscapes, Kurdistan offers something for every season. Historically, our region is home to more than ten significant sites and landmarks - religious, cultural, and historical - that are of great interest to both domestic and international tourists. From ancient mosques and churches to sacred sites and monasteries, Kurdistan represents a rich mosaic of religious coexistence and cultural diversity. Sites like Shanidar Cave and the Erbil Citadel are internationally renowned. As the cradle of Mesopotamia, our land holds stories from the epic of Gilgamesh to the battle of Gaugamela and the visit of Alexander the Great. Welcoming international visitors to Kurdistan offers a unique opportunity for cultural exchange and elevates our region's global profile. In today's digital age, media and social platforms play a powerful role in helping the world discover Kurdistan. The KRG's goal is to attract 20 million international tourists by 2035 through strategic public-private cooperation. Visit Kurdistan stands as an example of how both sectors can work together to strengthen our economy through tourism. Dear guests, As you know, we are holding this event at a time when the federal government has unjustly and unlawfully suspended the salaries of the people of Kurdistan. This is part of a broader political pressure campaign to hold our region back from progress and prosperity. Let me be clear: these efforts will not succeed. The people of Kurdistan have endured far worse and have never surrendered their constitutional rights - and they will not now. We have faithfully upheld our constitutional obligations - now we expect Baghdad to do the same. Unfortunately, they not only disregard the constitutional rights of the people of Kurdistan Region, but also the very agreements they themselves signed. Baghdad must recognize that Iraq is a federal country, and the Kurdistan Region is a constitutional entity. The federal government must deal with the Kurdistan Region within this framework - not through centralization and collective punishment, which history has shown only leads to destruction and division. We hope Baghdad reconsiders its policies and stops undermining the legal and rightful entitlements of the people of Kurdistan Region. These policies serve no one's interests. We remain committed to resolving this crisis. We hope to reach a fair and sustainable outcome that benefits all. Once again, I congratulate you all on this important platform, and I thank everyone involved. May our country continue to prosper. (Source: KRG)

Video: IBBC Tech Forum on AI
Video: IBBC Tech Forum on AI

Iraq Business

time20 hours ago

  • Iraq Business

Video: IBBC Tech Forum on AI

By John Lee. The Iraq Britain Business Council (IBBC) hosted a very informative Tech Forum on the topic of "How Tech and AI can benefit services and entrepreneurs in Iraq and internationally'", as part of its Spring Conference in London last week. The session was chaired by Ashley Goodall, and speakers included: William Page, Daniel Sawko, ShipShape Raman Salihi, SoftCell Professor Frank Gunter, Lehigh University James Wallman, World Experience Organisation Please click below to view the full webinar: (Source: IBBC)

EU Maintains Flight Ban on Iraqi Carriers
EU Maintains Flight Ban on Iraqi Carriers

Iraq Business

time2 days ago

  • Iraq Business

EU Maintains Flight Ban on Iraqi Carriers

By John Lee. The European Union (EU) has confirmed it will maintain operational restrictions on Iraqi air carriers following a technical review that found insufficient progress in the country's aviation safety oversight capabilities. Iraqi Airways and Fly Baghdad remain on the EU's banned carrier list, with both airlines subject to operating restrictions imposed in December 2015 and November 2023 respectively under Commission regulations. The decision follows a technical meeting held on 23 April 2025 between the European Commission, the European Union Aviation Safety Agency, member states and the Iraqi Civil Aviation Authority (ICAA). During discussions, Iraqi officials presented updates on legislative and regulatory framework improvements alongside oversight performance enhancements. The ICAA outlined ongoing efforts including personnel recruitment, training initiatives and drafting of updated national aviation regulations. However, European officials noted these measures remain in early implementation stages with significant concerns persisting over timing, consistency and alignment with international safety standards. Critical reforms including adoption of revised primary aviation law and strengthening of safety oversight systems remain incomplete without verifiable outcomes, according to the assessment. The planned Union on-site assessment visit scheduled for September 2025 has been deemed premature given the need for further demonstrable progress across core aviation safety oversight areas. Under current arrangements, EU member states must continue prioritising ramp inspections of all Iraqi-certified carriers to verify compliance with international safety standards. The Commission stated it would take further action if safety information reveals imminent risks from non-compliance with international standards. The restrictions affect commercial operations within European airspace, maintaining safety protocols established under EU aviation safety regulations. Full statement from European Union. (Source: EU)

DOWNLOAD THE APP

Get Started Now: Download the App

Ready to dive into the world of global news and events? Download our app today from your preferred app store and start exploring.
app-storeplay-store