Al-Rafidain: foreign trade financing and letters of credit at the official dollar rate

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Al-Rafidain foreign trade financing and letters of credit at the official dollar rate

On Tuesday, Al-Rafidain Bank made an announcement regarding the simplification of procedures for issuing documentary credits and conducting external bank transfers for customers of merchants and commercial companies. This initiative is aimed at facilitating foreign trade financing through the use of an electronic platform. The official price for commercial transfers is set at 1,320 dinars per dollar, while the price for documentary credits is 1,315 dinars per dollar.

Today, the bank released a statement urging its customers who want to cover all import operations to visit their branches and open a company bank account in accordance with the applicable instructions. They should also provide the necessary documents for foreign transfers.

Per the statement, transfers outside of Iraq are permitted for various transactions, including tuition fee payments, overseas real estate purchases, and foreign investments in Iraq. These are considered fundamental transactions that are allowed in transfers.
Per the bank’s statement, the customer must provide all necessary details for the transfers to be processed.