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mandatory reserve
November 21, 2021
In view of the importance of the requirements for maintaining the mandatory reserve imposed on all authorized banks
and in accordance with the Central Bank of Iraq Law No. 56 of 2004 amended Article (29) of it, and attached to our repeated circulars on the same subject,
the last of which is Circulars No. 1671/3/6 on 6/14/2021 Paragraph (4) of it regarding the imposition of the penalty for the deficit in the account of the mandatory reserve, and
with regard to the inquiries received by your banks regarding the imposition of the fine, we would like to state the following:-
The necessity for your banks to reinforce your current account balances in Iraqi dinars and US dollars with this bank when sending the mandatory reserve reports,
provided that the amounts reinforced by you cover the amount of the mandatory reserve appearing in your report sent to this bank in dinars and dollars, in order to avoid imposing a deficit fine on the bank.
Your banks should continue to follow up on strengthening your current accounts until the accounting department in this bank performs the procedures for booking the mandatory reserve for your banks, which take place during the first days of the month of holding the mandatory reserve and your balance is not relied on for the last day of the previous month.
The process of withdrawing the amounts of the mandatory reserve is done through your current accounts with this bank exclusively, which are (119-129) for local banks and (179-180) for foreign banks in dinar and dollars.
The amounts are not withdrawn from the balances of temporary accounts with this bank.
We emphasize the necessity of informing this department/compulsory reserve section in case of any obstacles or problems before an appropriate period of time starts from the beginning of the month of holding the mandatory reserve
so that this department can take the necessary measures in a timely manner and before imposing the disability fine.
In the event of new government deposits with your banks, they are not included in the special deposit form and are confirmed in the government deposit form sent to you previously related to the mandatory reserve reports.
We ask you to abide by the above, and
we stress the need to adhere to all the instructions of the mandatory reserve and to strengthen the balances of your current accounts in dinars and dollars in order to avoid the imposition of a deficit fine on your banks, while checking the mandatory reserve reports and the schedules attached to them before sending them to this bank, provided that they are signed by two authorized persons and sealed with a live seal For all attachments and
otherwise, your banks shall bear the imposition of fines, according to the instructions issued in this regard.
mandatory reserve
November 21, 2021
In view of the importance of the requirements for maintaining the mandatory reserve imposed on all authorized banks
and in accordance with the Central Bank of Iraq Law No. 56 of 2004 amended Article (29) of it, and attached to our repeated circulars on the same subject,
the last of which is Circulars No. 1671/3/6 on 6/14/2021 Paragraph (4) of it regarding the imposition of the penalty for the deficit in the account of the mandatory reserve, and
with regard to the inquiries received by your banks regarding the imposition of the fine, we would like to state the following:-
The necessity for your banks to reinforce your current account balances in Iraqi dinars and US dollars with this bank when sending the mandatory reserve reports,
provided that the amounts reinforced by you cover the amount of the mandatory reserve appearing in your report sent to this bank in dinars and dollars, in order to avoid imposing a deficit fine on the bank.
Your banks should continue to follow up on strengthening your current accounts until the accounting department in this bank performs the procedures for booking the mandatory reserve for your banks, which take place during the first days of the month of holding the mandatory reserve and your balance is not relied on for the last day of the previous month.
The process of withdrawing the amounts of the mandatory reserve is done through your current accounts with this bank exclusively, which are (119-129) for local banks and (179-180) for foreign banks in dinar and dollars.
The amounts are not withdrawn from the balances of temporary accounts with this bank.
We emphasize the necessity of informing this department/compulsory reserve section in case of any obstacles or problems before an appropriate period of time starts from the beginning of the month of holding the mandatory reserve
so that this department can take the necessary measures in a timely manner and before imposing the disability fine.
In the event of new government deposits with your banks, they are not included in the special deposit form and are confirmed in the government deposit form sent to you previously related to the mandatory reserve reports.
We ask you to abide by the above, and
we stress the need to adhere to all the instructions of the mandatory reserve and to strengthen the balances of your current accounts in dinars and dollars in order to avoid the imposition of a deficit fine on your banks, while checking the mandatory reserve reports and the schedules attached to them before sending them to this bank, provided that they are signed by two authorized persons and sealed with a live seal For all attachments and
otherwise, your banks shall bear the imposition of fines, according to the instructions issued in this regard.
