Trade Bank of Iraq receives shipments of US dollars

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Trade Bank of Iraq receives shipments of US dollars

According to a government source on Thursday, a shipment of US dollars arrived at the Trade Bank of Iraq (TBI).

According to an INA source, the TBI received shipments of millions of US dollars to fulfill client needs.

The source stated that additional shipments of US dollars are expected to arrive in the coming days.

According to a source in the Iraqi banking sector, new shipments of US dollars have arrived at Baghdad International Airport last week. The banks will use these shipments to meet the requirements of their customers.

In mid-November, a government official revealed that three private banks in Iraq received official authorization from the Central Bank of Iraq (CBI) to import US dollars to meet the needs of their clients.

The CBI is considering additional requests from other Iraqi banks to import US dollars, with amounts reaching up to $100 million, according to an official.

INA reported that the TBI recently held essential discussions with several international companies to transfer amounts reaching $120 million.

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

Officials from the Central Bureau of Investigation (CBI) met with US officials in Abu Dhabi last month to discuss the use of external transfers to cover imports.