The CBI issues the first package of facilities to meet the dollars demand

The CBI issues the first package of facilities to meet the dollar demand, on both sides of cash and foreign transfers, as follows:

1. Increasing the ceiling for cash sales for travel purposes to (7,000) dollars per month (seven thousand dollars per month), and selling it to adults (18 years and over) exclusively.

2. The sale of dollars for the purposes of personal transfers will be through the agents of money transfer companies (Western Union and Money Gram) at the official rate (1470) dinars to the dollar, and the Central Bank of Iraq will consolidate the balances of these agents in dollars at the official rate.

3. Expanding the scope of transactions allowed to be financed in foreign currency to include:

a) Importing goods and commodities that are legally permitted to be imported.

b) Purchasing and supplying legally permitted services, including shipping services.

c) Financing the import part of the contracts of contractors with state departments.

d) Requests received by the Central Bank of Iraq from governmental and public institutions and self-financed entities for their needs for which there is no allocation in dollars within the federal general budget of the state, supported by official documents that support these requests.

e) Enhancing the balances of the sub-accounts of banks and electronic payment companies opened with (GB Morgan) Bank, which has a major membership with international card companies (Visa, Master).

F) Enhancing the balances of the sub-accounts of the Iraqi financial institutions opened with Citibank, which has a major membership with international money transfer companies (Western Union, MoneyGram) in order to settle its obligations with those companies after submitting the required statements.

g) Transfers for legal transactions for the purchase of real estate abroad.

h) Treatment abroad, the transfer is from the customer account or one of his relatives of the first or second degree to the hospital account abroad after submitting a medical report from the concerned hospital.

i) Payment of tuition fees abroad, and the transfer shall be from the account of the student or one of his relatives of the first or second degree to the account of the university in which he is studying or to the account of the student himself in the country of study after submitting proof of his registration in the study certified by the Iraqi Cultural Attaché in the country of study.

j) Transfers related to foreign investments in Iraq.

k) Transferring the proceeds of selling the shares distributed inside Iraq to the Iraqi residing abroad or the foreigner (the original value plus its returns, if any) in the event of selling them, support is provided by the Iraq Stock Exchange.

l) Compensation decided or approved by Iraqi official authorities for foreigners, or for Iraqis residing abroad.

M) Shareholders' profits in legally registered companies in Iraq.

n) Amounts of financial proceeds (sale of real estate, other assets, or their returns) in Iraq of an Iraqi residing abroad, the transfer should be from his account or his agent’s account inside Iraq to his account or his company’s account abroad exclusively.

o) Due payments related to banking and credit facilities that the customer has associated with banks outside Iraq.

3. Expanding and facilitating external transfer procedures for the categories below, as a first stage, followed by other categories later:

a) All types of companies registered with the Companies Registration Department at Ministry of Trade.

b) Projects registered with the Directorate General of Industrial Development at Ministry of Industry and Minerals.

C) Simple companies duly incorporated by the chambers of commerce (according to an incorporation contract certified by a notary public) with an amount not exceeding (200,000) dollars (two hundred thousand dollars per month).

d) Branches of foreign companies registered with the Companies Registration Department at Ministry of Trade.

e) Investment projects of all kinds licensed by investment commissions.

f) Agricultural and animal projects licensed by the Animal Wealth Department, the Agricultural Investments Department, or the Veterinary Department at Ministry of Agriculture.

g) Scientific offices duly licensed by the Syndicate of Pharmacists.

h) Distributors of international factories who are appointed from those factories for the purpose of working in Iraq, and agents whose appointment is approved by the distributor to work in the Iraqi market and who are legally licensed to work in Iraq.

i) Agents of international companies registered in accordance with the commercial agency law in force.

j) All types of companies, factories and projects licensed in the Kurdistan Region of Iraq after submitting proof of incorporation or licensing from the relevant sectoral authorities, translated into Arabic by legal translation.

5. The Central Bank is obligated to cover all requests for dollars in cash and foreign transfers for all legitimate purposes. Thus, each sale at a price higher than the official price becomes an act aimed to cover illegal activity, and the Central Bank of Iraq is obligated to compensate the beneficiaries (importers) the amount of the difference that exceeds the official established price, and this difference is deducted from the account of the violating bank with us.

6. Another important package will be issued soon to stabilize the exchange rate and the general level of prices.

7. The Central Bank of Iraq is studying various proposals and scenarios related to the official exchange rate.

 

Central Bank of Iraq
  Media Office
    2023/2/3