The Central Bank of Iraq has identified the entities eligible to receive external transfers in cash in US dollars, effective January 2, 2024.
The bank’s media department has issued a statement stating that the Central Bank of Iraq aims to implement its monetary policy objectives and help banks meet their customers’ foreign currency needs. To this end, the Central Bank of Iraq has identified the entities that will be able to receive their external transfers in cash in US dollars starting from January 2, 2024. The list of entities is as follows:
“All diplomatic missions, organizations, and international agencies must operate within Iraq.”
Non-governmental organizations registered with the General Secretariat of the Council of Ministers must receive foreign transfers in dollars if the foreign donor requires it.
Contracts with the US government, foreign entities, and ongoing agreements.
Iraqi exporters receive 40% of the remittances resulting from their exports abroad.
The following statement clarifies that banks are permitted to provide their customers with cash for the transfers received from overseas using their available resources. However, this service is subject to the agreement between the customer and the bank, and it does not apply to the exceptions mentioned above.
The Central Bank of Iraq has confirmed that customers can open bank accounts in foreign currencies and withdraw deposits and interest in cash.
The Central Bank of Iraq has stated that banks are not permitted to transfer customer funds received in US dollars from outside Iraq to the dinar currency automatically. This can only be done with the customer’s approval. The Council of Ministers has made decisions to prevent internal transactions in foreign currency and strengthen confidence in the Iraqi dinar, and this measure is in line with those decisions.
