Abdul Amir Al-Mayahi, a member of the Parliamentary Integrity Committee, stated that although the Central Bank had instructed the banks to deliver external transfers in dollars, some of them had disregarded the orders. As a result, we would be taking swift action against them. This suggests that the committee is discussing hosting the Central Bank Governor, Ali Al-Alaq, and the directors of licensed banks in the coming days in light of these infractions.
“Banks’ violation of instructions regarding converting customers’ transfers in foreign currency into the Iraqi dinar at a price set by the state at 132 causes serious harm to customers, due to the price difference,” Al-Mayahi explained in an interview with the official newspaper that was followed by the. He called it “a violation, despite From the directive of the Central Bank dated 12/31/2023, and its confirmation on 1/2/2024, then reaffirming the instructions for a period not exceeding nine days on 1/11/2024 on the necessity of adhering to the instructions of the Central Bank and taking the rights of customers.”
According to Al-Mayahi, the Central Bank instructed that customers receive their remittances in dollars rather than Iraqi dinars, and that the banks notify the Central Bank of the amounts of cash dollars they require to fulfill their customers’ requests. Regretfully, the banks failed to reply to the Central Bank’s call, disregarded the directives, and continued to provide external transfers to customers in dinars.
The Governor of the Central Bank, the advanced staff, and the directors of licensed banks will be hosted by the Integrity Committee in the coming days to investigate the violations committed by them, he noted, emphasizing that the committee will play a significant role in addressing these violations.
Al-Mayahi declared, “This is a clear violation and quick decisions will be taken regarding it by the committee.” He added, “Council of Ministers Resolution No. (23.26) of 2023 emphasized taking into account dealing in the Iraqi currency and supplying the dinar, and this does not apply to converting foreign remittances to the dinar.”
