The Central Bank determines 4 categories that are entitled to receive foreign remittances in cash in dollars, 1 JAN

 The Central Bank determines 4 categories that are entitled to receive foreign remittances in cash in dollars

Baghdad – 964

Yesterday, Sunday, the Central Bank identified 4 categories that are entitled to receive their foreign transfers in cash in US dollars during the year 2024, namely diplomatic missions, organizations and government contracts in effective in dollars and 40% of the remittances received to Iraqi exporters.

The central bank said in a statement, the network received 964 copies of which:

In implementation of the objectives of monetary policy and to enable banks to meet the needs of their foreign currency customers, the Central Bank of Iraq has identified the entities covered by obtaining their foreign remittances in cash in US dollar currency, as of January 2, 2024, according to the following:

– Diplomatic missions, all international organizations and agencies operating in Iraq.

– Non-governmental civil society organizations registered in the General Secretariat of the Council of Ministers, in case the foreign donor stipulated the payment of foreign remittances received in dollar currency inside Iraq.

– In force government contracts in USD, ongoing contracts on grants, loans and external agreements.

– 40% of the incoming transfers to Iraqi exporters resulting from their exports abroad.

Except for what is mentioned in the above, banks are allowed to hand over to their customers the amounts of their remittances received from abroad in cash, and from the self-resources available to the bank, and according to the agreement between the bank and the customer.

The Central Bank of Iraq confirmed that banks will continue to open bank accounts for customers in foreign currencies in exchange for (interest/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 from outside Iraq in the US dollar currency to the dinar currency except with the customer’s consent, stressing the decisions of the Council of Ministers to prevent the conduct of internal transactions in foreign currency and enhance confidence in the Iraqi dinar.

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