THE CENTRAL BANK OF IRAQ DECIDES TO RESTORE THE MECHANISM FOR FINANCING IRAQ’S FOREIGN TRADE, STARTING NEXT MARCH
The Central Bank of Iraq decided to restore the mechanism for financing Iraq’s foreign trade, starting next March.
The Central Bank said in a letter addressed to the banks, which Al-Iqtisad News reviewed, that for the purpose of organizing financing operations for requests to enhance external balances, it was decided to implement 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 should appoint an external auditor for the purposes of reviewing transfers in advance of the process of sending transfers. Banks wishing to enhance the balance must provide us with information about the names of the companies they wish to contract with within a maximum period of February 29, 2024.
He stressed that requests to strengthen the dollar are for banks that hold correspondent accounts with an American bank exclusively, at a price of 1310.
He stated that strengthening other currencies other than the dollar will accept applications at the banks of the currency country, provided that the classification of these banks is either the same as the country’s classification or only one rank lower than it, in a way that is consistent with Iraq’s import requirements from those countries.
(There is more to this policy and you can go to the link and read it but essentially this is the new policy come March.)
https://mntgoatnewsusa.com/latest-mnt-goat-newsletter/
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