The Central Bank of Iraq Issues the Third Package to Facilitate Procedures for Obtaining the US Dollar
The Central Bank of Iraq decided to issue the third package to facilitate the procedures of demanding for the US dollar, which includes the following:
1. For the purpose of facilitating to obtaining US dollar currency for citizens wishing to travel abroad, the official exchange rate of “1320” dinars per dollar will be calculated by means of the electronic payment card issued by the authorized institutions when used abroad, as follows:
A- Prepaid cards, whether they are in dollars or dinars, and they are not linked to a bank account, which makes them accessible, with a ceiling of threshold (10,000) dollars that can be refilled, and the bank and licensed electronic payment companies have the right to issue them.
B- Credit cards, with the ceiling determined by the bank according to its customer’s category such as (Gold, Silver, Platinum), with the possibility of reinforcing later for what was used.
C- Debit Cards, which are linked to the customer’s account with the bank (including the domiciled salaries), which can be used to pay in dollars according to the customer’s balance with the bank based on the official dollar exchange rate.
D- The traveler’s share of cash dollars will be on (2000) dollars, starting from Sunday, 19/3/2023, with the possibility of using the aforementioned cards to allow citizens to cover their requests for dollars, as well as to avert the citizen from carrying large amounts of cash, and in line with the directions of countries to leave the Use of cash only to a narrow extent.
E- Daily sales of cash dollars of the Central Bank of Iraq will continue at their levels, without reduction, to banks, exchange companies, and brokerage companies authorized in selling and buying foreign currency, for the purpose of securing citizens’ requests for the purposes reported.
2. The Central Bank of Iraq calls on all banks and exchange companies to communicate with money transfer companies (Western Union, Money Gram, etc.) to obtain a license to work in Iraq to meet the growing demands for personal transfers, with the commitment of the Central Bank of Iraq to settle their accounts with those companies at the official rate, and the Central Bank will urge these companies to expand the base of their agents in Iraq, and it is possible that these transfers will include some types of simple commercial transfers later.
3. Transfers of gold importers and their credits for companies that registered in the Central Agency for Standardization and Quality Control at the Ministry of Planning will be covered.
Central Bank of Iraq
Media Office
14/3/2023
