Iraqi government, private banks import $255 million in two weeks

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Iraqi government, private banks import $255 million in two weeks

A government source announced on Wednesday that Iraq’s government and private banks imported $255 million within two weeks.

According to statistics from the Central Bank of Iraq (CBI), government and private banks they imported approximately $255 million worth of US dollars within the past two weeks.

The source revealed that other requests to import US dollars are being reviewed and additional amounts are expected to arrive in Iraq in the coming days.

Iraqi banks are authorized by the CBI to import foreign currencies, such as US dollars, to meet the demands of their customers.

Two weeks ago, a source in the Iraqi banking sector reported that Iraqi banks have imported new shipments of US dollars and have arrived at Baghdad International Airport. The banks are expected to use these shipments to meet the financial needs of their customers.

In mid-November, three private banks in Iraq received official authorization from the CBI to import US dollars.

The CBI is studying additional requests submitted by other Iraqi banks to import US dollars, with the confirmed amounts going up to $100 million.

The Trade Bank of Iraq (TBI) held discussions with international companies to transfer $120 million, according to INA.

The decision of the CBI to allow private banks to import foreign currencies via commercial flights has sparked controversy, as Iraqi lawmakers and legal experts deem it unconstitutional, according to The News Arab.

Officials from the CBI had intensive meetings with US officials in Abu Dhabi last month to discuss covering imports through external transfers.