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The Central Bank of Iraq reveals the mechanism for delivering incoming remittances in the US dollar currency
December 31, 2023
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 foreign transfers in cash in the US dollar, as of January 2, 2024, according to the following:
Diplomatic missions, organizations and all international agencies operating in Iraq.
Non-governmental civil society organizations registered in the General Secretariat of the Council of Ministers, if the foreign donor stipulates that the amounts of incoming foreign transfers be paid in dollars inside Iraq.
Government contracts in effect in US dollars, and ongoing contracts for grants, loans, and foreign agreements.
40% of Iraqi exporters’ incoming remittances result from their exports abroad.
Except for what is mentioned above, banks are permitted 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.
Central Bank of Iraq
information Office
December 31, 2023
https://cbi.iq/news/view/2494
December 31, 2023
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 foreign transfers in cash in the US dollar, as of January 2, 2024, according to the following:
Diplomatic missions, organizations and all international agencies operating in Iraq.
Non-governmental civil society organizations registered in the General Secretariat of the Council of Ministers, if the foreign donor stipulates that the amounts of incoming foreign transfers be paid in dollars inside Iraq.
Government contracts in effect in US dollars, and ongoing contracts for grants, loans, and foreign agreements.
40% of Iraqi exporters’ incoming remittances result from their exports abroad.
Except for what is mentioned above, banks are permitted 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.
Central Bank of Iraq
information Office
December 31, 2023
https://cbi.iq/news/view/2494
