PM:04:21:28/01/2024
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The Central Bank of Iraq has decided to restore the mechanism of financing Iraq’s foreign trade, starting next March.
The Central Bank said in a letter addressed to banks, and seen by NRT Arabia, for the purpose of organizing the financing of requests to enhance external balances, it was decided to apply the new requirements and mechanisms starting from March 1, 2024.
He added that banks wishing to enhance their balance with correspondent banks in all currencies appoint an external auditor for the purposes of reviewing remittances in advance for the process of sending transfers, and banks wishing to enhance the balance must provide us with information on the names of companies they wish to contract with within a maximum period of February 29, 2024.
The statement confirmed that the requests to strengthen the dollar for banks that have correspondent accounts with one of the US banks exclusively, at a price of 1310.
He pointed out that the promotion of currencies other than the dollar, accepts requests with the banks of the currency country, provided that the classification of these banks is either the same or less than the classification of the country in one rank only in accordance with the import requirements of Iraq from those countries.
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