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"Money transfer, not purchase"
Clarification from the Association of Banks to the 964 network regarding imported dollar shipments
2023-12-20 | 18:35
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He explained that when an Iraqi customer receives an external transfer, the transfer process is electronic and he needs to withdraw money from his account in Iraqi banks, and because the latter may not have sufficient liquidity in dollars, he resorts to withdrawing money from his accounts abroad and delivering it to his customers.
The Iraqi Bank plays the role of mediator in the process, as the imported funds belong to it in its accounts outside Iraq, according to Tariq, who noted that importing funds does not mean buying them, but rather transferring cash from abroad to inside for the benefit of bank customers.
Tariq confirmed that the coming period will witness operations to import money into banks, to meet customers’ demand for dollars.
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"Money transfer, not purchase"
Clarification from the Association of Banks to the 964 network regarding imported dollar shipments
2023-12-20 | 18:35
964
Director of the Iraqi Private Banks Association, Ali Tariq, told the 964 Network that Iraqi banks, based on the instructions of the Central Bank, were allowed to import foreign currency in various currencies, for the benefit of their customers who have incoming remittances from outside Iraq, indicating that the process makes it easier for banks to obtain cash and deliver it to its clients.[You must be registered and logged in to see this link.]
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Governmental and private banks imported about $255 million within two weeks - a government source
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He explained that when an Iraqi customer receives an external transfer, the transfer process is electronic and he needs to withdraw money from his account in Iraqi banks, and because the latter may not have sufficient liquidity in dollars, he resorts to withdrawing money from his accounts abroad and delivering it to his customers.
The Iraqi Bank plays the role of mediator in the process, as the imported funds belong to it in its accounts outside Iraq, according to Tariq, who noted that importing funds does not mean buying them, but rather transferring cash from abroad to inside for the benefit of bank customers.
Tariq confirmed that the coming period will witness operations to import money into banks, to meet customers’ demand for dollars.
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