Enhancing confidence in the Iraqi dinar

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Enhancing confidence in the Iraqi dinar

In order to improve the circulation of the Iraqi dinar within the country, the following decision was made to enhance its value against foreign currencies:

  1. All cash guarantees must be collected in dinar currency for internal credits, bank guarantees, and letters of guarantee issued for the benefit of beneficiaries, whether they are governmental or private. This rule applies even if the guarantees are in dollar currency and at the official exchange rate.
  2. When letters of guarantee are confiscated, the payment of the sums will only be made in Iraqi dinars and at the official exchange rate.We kindly request that all authorized banks take the necessary measures as outlined above.