The Central Bank issues a 3-point decision in favor of Kurdistan money changers
Erbil – 964
The Ministry of Trade and Industry of the Kurdistan Regional Government announced, today, Tuesday, that it had reached an agreement with the Central Bank that would facilitate the registration of Kurdish exchange companies, and make them equal to Iraqi companies, including three points, most notably the cancellation of the capital requirement of 2.5 billion dinars to obtain business licenses.
A statement by the Ministry of Trade and Industry in the Regional Government, translated by 964 Network:
Balbad Muhammad Mawloud, Director of Companies Registration, visited the Central Bank of Iraq and was received by Ali Al-Alaq, Governor of the Central Bank, on Monday, February 26, 2024, and in a meeting attended by Bakhtiar Haj Muhammad, Director General of the Kurdistan Regional Government Representation in Baghdad and Director of National Companies, and Kazem Namik, Director General of the Central Bank Branch. In Erbil, the Director of the Non-Banking Financial Institutions Supervision Department discussed the problems of currency exchange companies in the Central Bank of Iraq and agreed on several points:
1. Until 3/31/2024, exchange companies in the Kurdistan Region have the right to complete (merger) procedures and comply with all requirements of the Central Bank. Conversely, after this date, they will not be entitled to obtain a license from the Central Bank for category (A) and (B) licences.
2. At the request of the Director General of Company Registration, one of the requirements was canceled, which was that the company’s capital be 2.5 billion dinars, whereas previously, companies had to deposit this amount in the Central Bank of Iraq as a condition for obtaining a license.
3. Companies that meet all central bank requirements will be granted a central bank license in the coming weeks.
964media.com
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