The Central Bank of Iraq (CBI) has issued new directives regulating the cash withdrawal of U.S. dollar deposits and incoming foreign remittances. Under the new measures, commercial banks will be permitted to disburse citizens' U.S. dollar deposits in cash, with the regulations set to take effect on July 15, 2026.
Read more: https://channel8.com/english/news/61357
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🚨 CBI Issues New Rules for U.S. Dollar Withdrawals & Foreign Remittances
The Central Bank of Iraq (CBI) has announced that, effective July 15, 2026, commercial banks will be allowed to disburse citizens' U.S. dollar deposits in cash. The new directives also regulate incoming foreign remittances, allowing beneficiaries to receive funds either in cash USD or through U.S. dollar bank accounts. The measures also establish controlled mechanisms for providing cash dollars for certain government-funded contracts and qualifying export proceeds.
This is another strategic step by the CBI to continue reducing Iraq's parallel market.
If you've been expecting one big announcement saying, "The parallel market has been eliminated," that's probably not how this process will happen. Instead, we're witnessing gradual but very deliberate measures, each one moving Iraq closer to that objective.
The same approach is likely to be used when it comes to increasing the value of the Iraqi dinar. Rather than one overnight event, we'll likely continue to see incremental but unmistakable progress toward the ultimate goal.
We're getting closer, Dinarians! 🇮🇶💵
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