2024-01-01T04:55:50+00:00
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/ The Central Bank of Iraq has determined the entities covered by receiving their foreign transfers in cash in US dollars, as of January 2, 2024.
The bank media said in a statement received by Agency, in implementation of the monetary policy objectives and to enable banks to meet the foreign currency needs of their customers, the Central Bank of Iraq has determined the entities covered by receiving their external transfers in cash in the US dollar, as of January 2, 2024, according to the following:
– All diplomatic missions, organizations and international agencies operating in Iraq.
– Non-governmental civil society organizations registered in the General Secretariat of the Council of Ministers, in the event that the foreign donor party stipulates that the amounts of incoming foreign transfers be paid in the dollar currency inside Iraq.
– Government contracts in effect in the US dollar, and ongoing contracts for grants, loans, and foreign agreements.
– 40% of the remittances received by Iraqi exporters resulting from their exports abroad.
The statement continued, with the exception of what was mentioned above, banks are allowed to deliver to their customers the amounts of their transfers received from abroad in cash, from the bank’s own available resources, and according to the agreement between the bank and the customer.
The Central Bank of Iraq confirmed that banks continue to open bank accounts for customers in foreign currencies in exchange for (interests/returns), and that the customer has the right to withdraw deposits and interest/returns deposited in cash.
The Central Bank of Iraq noted that banks are not allowed to automatically transfer customer funds received from outside Iraq in the US dollar currency to the dinar currency except with the customer’s approval, stressing the decisions of the Council of Ministers to prevent internal transactions in foreign currency and to strengthen confidence in the Iraqi dinar.