Iraq strengthened its assets in the yuan currency through the Singapore Development Bank

Iraq strengthened its assets in the yuan currency through the Singapore Development Bank to finance the country’s trade with China by about $12 billion annually. Iraq is currently negotiating to increase its assets in euros and other national currencies in Europe to finance trade with the European Union.

There are serious negotiations that have reached their final stages to enhance the balances of some Iraqi banks in euros with UBAF Bank to finance trade with the European Union. Bank accounts have been opened for six Iraqi banks in the Singapore Development Bank, and seven more banks will be added in the coming period to finance Iraq’s imports from China.