EconomyThe American DollarBreakingThe Central Bank Of IraqThe Exchange RateExternal Transfers
Twilight News / The Central Bank of Iraq issued, on Friday, the first package of facilities to meet the demand for the dollar, in both sides of cash and foreign transfers.
The bank said in a statement received by Shafaq News Agency, “The package includes increasing the ceiling for the sale of cash for travel purposes to $7,000 per month and to be sold exclusively to adults (18 years and older), and the sale of dollars will be for personal transfers through agents of money transfer companies (Westrien Yunen and MoneyGram) at the official rate (14
The package also included, “expanding the scope of transactions allowed to be financed in foreign currency to include, importing goods and goods that are legally allowed to be imported, buying and processing legally permitted services, including shipping services, financing the import part of contracts of contractors with state departments, and requests received by the Central Bank of Iraq from government and public institutions and self-financing entities
It also includes, “strengthening the balances of sub-accounts of banks and electronic payment companies open to JPMorgan Bank, which have a main membership with international card companies (Visa, Master), enhancing the balances of sub-accounts of Iraqi financial institutions opened with Citibank, which have a main membership with international money transfer companies (Western Yonen
It also includes, “Paying tuition fees abroad and the transfer shall be from the account of the student or one of his first or second-degree relatives to the account of the university where he is studying or to the same student’s account in the country of study after providing proof of his registration in the study certified by the Iraqi Cultural Attaché in the country of study, transfers related And the profits of shareholders in companies registered in Iraq as assets, and the amounts of financial proceeds (selling real estate or other assets or their revenues) in Iraq for an Iraqi residing abroad, provided that the transfer is from his account or the account of his agent inside Iraq to his account or the account of his company abroad exclusively.
It also includes, “due payments related to banking and credit facilities with which the customer has been associated with banks outside Iraq, and the expansion and facilitation of external transfer procedures for the categories below, as a first stage, followed by other categories later, namely
a) All types of companies registered with the Companies Registration Department in the Federal Ministry of Commerce,
b) Projects registered with the General Directorate of Industrial Development in the Federal Ministry of Industry and Minerals,
c) Simple companies incorporated principally from the Chambers of Commerce (under a notary-certified Memorandum of Association) not exceeding $200,000 (two hundred thousand dollars per month)
d) Branches of foreign companies registered with the Companies Registration Department in the Federal Ministry of Commerce,
e) Investment projects of all kinds licensed by investment authorities
f) Agricultural and animal projects licensed by the Department of Livestock, the Department of Agricultural Investments or the Veterinary Department of the Federal Ministry of Agriculture,
g) Scientific offices licensed by the Pharmacists Syndicate,
h) Fixed international factory distributors appointed from those factories for the purposes of working in Iraq, and agents whose appointment is supported by the distributor to work in the Iraqi market who are licensed to work fundamentally in Iraq
i) Agents of international companies registered in accordance with the Commercial Agency Law in force (j) All types of companies, factories, laboratories and licensed projects in the Kurdistan Region of Iraq after submitting the proof of incorporation or license from the relevant sectoral authorities translated into Arabic legally.
The statement continued, “The Central Bank is committed to covering all requests for the dollar in cash and external transfers for all legitimate purposes, thus, and thus every sale at a price higher than the official price becomes an act aimed at speculation or to cover illegal activity. The Central Bank of Iraq is committed to compensating the beneficiaries (importers) of the amount of the difference that exceeds
He pointed out that “another important package will soon be issued to stabilize the exchange rate and the general level of prices,” explaining that “the Central Bank of Iraq is studying various proposals and scenarios related to the official exchange rate.