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Central Bank of Iraq announces second package of incentives for receiving foreign currency

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Ziad Najjar
Ziad Najjar is an Egyptian author who studied business and finance in the United States and has a keen interest in media. He combines his expertise in these fields to create informative and engaging works accessible to a broad audience.

Today, Wednesday, the Central Bank of Iraq announced the second package of measures to receive foreign currency in order to achieve stability in exchange rates in the local market.

According to a statement from the Central Bank of Iraq, the second package will include the following:

1- Foreign trade finance from China will be arranged directly and in Chinese Yuan currency under two options: First option: strengthening the balance sheets of Iraqi banks with Chinese Yuan accounts in Chinese banks. And the second option is to strengthen the balance sheets of Iraqi banks through the central bank accounts to the ultimate beneficiary in Chinese RMB through our accounts with the Bank (JP Morgan) and the Development Bank in Singapore.

2- Funds for financial transfers to the United States and Europe will be provided by the same mechanism later.

3- The documents required to be submitted for the aforementioned external financial transfers will be: only a commercial list (invoice) or letters of credit, provided that the client will later provide the bank with the confirmation of the importation of goods.

4- Detailed instructions including the above will be issued.

5- Organization of financial settlements for agents of money transfer companies (Western Union and Money Gram) through class A exchange companies through an Iraqi bank with one settlement account for all these companies.

6- Citizens can transfer allowed transfer amounts up to a maximum amount (7500) dollars per month through agents of money transfer companies (Western Union and Money Gram) at the official rate (1320) dinars / dollars, and the Central Bank strengthens the accounts of these agents through the purchase window -sales of foreign currency.

7- A table will be published with the names of authorized agents and their locations, and citizens wishing to transfer personal amounts for various purposes (such as family subsidies or simple commercial purposes) will be able to apply directly to these agents (banks, exchange companies or any other legal entities , licensed by the Central Bank or will be licensed later), for conversion at the exchange rate (1320) dinars / dollars.

8- New uses will be added for the sale of cash dollars, helping to broaden the sales base for citizens to make it easier to pay their obligations in US dollars, and in a manner that is consistent with our generalizations and previously issued directives. government on this matter.

9- Allowing public and private banks and category A and B listed companies to expand cash dollar sales outlets in any of their branches, provided that this is exclusively through the FITR platform, while notifying us of the need to increase and diversify the geographical distribution of these outlets.

Source: RT

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