The Iraqi Central Bank issues a number of new instructions

The Iraqi Central Bank issues a number of new instructions

On Sunday, the Central Bank of Iraq announced new instructions for selling USD.

The governor of the bank, Ali Al-Alaq, stated that the rate of verified transfers has exceeded 95%. He also emphasized that the bank is committed to establishing direct channels of communication for Iraqi banks with their foreign counterparts in order to facilitate correspondence and commercial exchange.

He mentioned that starting next year, all internal commercial and other transactions in Iraq will be restricted to Iraqi dinar instead of the dollar.

Al-Alaq has announced that the majority of merchants have now entered into official transfer channels and are providing the dollar at the official price of (1320) dinars in Iraq. The new system of external transfer and sale of the dollar provides protection from risks for all parties involved in the operations.

He highlighted that Riyada Bank will serve as a gateway for those interested in launching small-scale productive and commercial projects that contribute to the growth of the local economy and the reduction of unemployment rates.