Concerning the sale of U.S. dollars allocated to travelers, the Central Bank of Iraq (CBI) has discovered irregularities in the operations of several exchange companies.
Some exchange firms have been charging citizens a commission of 50,000 dinars for purchasing dollars, which is double the amount required by official guidelines, according to a recent audit and monitoring of company practices.
As stated in Circular No. The Central Bank clearly instructed exchange companies in 8003/1/9, which was issued on July 11, 2024, to only collect a commission of 25,000 dinars from citizens when purchasing foreign currency. These regulations have been deemed to be in violation of the current practices of overcharging.
The Central Bank has made it clear that these rules were put in place to make transactions easier for citizens and more transparent. Exchange businesses that are found to be in violation of these guidelines run the risk of not being able to participate in the official system for buying and selling foreign currencies in the future.
To avoid additional sanctions, the Central Bank has urged all businesses to promptly comply with the official instructions. This action demonstrates the institution’s dedication to preserving order and fairness in the currency exchange markets in Iraq.
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