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U.S. Department of State - 2013 Investment Climate Statement - Iraq
2013 Investment Climate Statement
Bureau of Economic and Business Affairs
February 2013
Report
Currency Conversion and Transfer Policies
The currency of Iraq is the Dinar (IQD - sometimes referred to as the
New Iraqi Dinar). Iraqi authorities confirm that in practice there are
no restrictions on current and capital transactions involving currency
exchange as long as underlying transactions are supported by valid
documentation. The International Monetary Fund’s annual publication on
Exchange Arrangements and Restrictions states that “restrictions on
capital transactions are not enforced; however, documentation and
reporting requirements apply.” The National Investment Law contains
provisions that, once implemented, would allow investors to maintain
Iraqi bank accounts and transfer capital inside or outside of Iraq.
The Government of Iraq’s monetary policy since 2003 has focused on
maintaining price stability primarily by appreciating the IQD against
the U.S. dollar while seeking to maintain exchange rate predictability.
Banks may engage in spot transactions in any currency, but are not
allowed to engage in forward transactions in Iraqi Dinar for speculative
purposes. There are no taxes or subsidies on purchases or sales of
foreign exchange. Improved security has allowed for an increased supply
of goods and services which, along with the Central Bank of Iraq’s
monetary and exchange rate policies, have continued to help temper
inflation. The CBI has brought inflation down from a peak of more than
70 percent in 2006 to below 10 percent since early 2008, primarily
through appreciating the currency. The CBI has held the official
exchange rate at close to 1,170 IQD/1.00 USD since 2009.
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U.S. Department of State - 2013 Investment Climate Statement - Iraq
2013 Investment Climate Statement
Bureau of Economic and Business Affairs
February 2013
Report
Currency Conversion and Transfer Policies
The currency of Iraq is the Dinar (IQD - sometimes referred to as the
New Iraqi Dinar). Iraqi authorities confirm that in practice there are
no restrictions on current and capital transactions involving currency
exchange as long as underlying transactions are supported by valid
documentation. The International Monetary Fund’s annual publication on
Exchange Arrangements and Restrictions states that “restrictions on
capital transactions are not enforced; however, documentation and
reporting requirements apply.” The National Investment Law contains
provisions that, once implemented, would allow investors to maintain
Iraqi bank accounts and transfer capital inside or outside of Iraq.
The Government of Iraq’s monetary policy since 2003 has focused on
maintaining price stability primarily by appreciating the IQD against
the U.S. dollar while seeking to maintain exchange rate predictability.
Banks may engage in spot transactions in any currency, but are not
allowed to engage in forward transactions in Iraqi Dinar for speculative
purposes. There are no taxes or subsidies on purchases or sales of
foreign exchange. Improved security has allowed for an increased supply
of goods and services which, along with the Central Bank of Iraq’s
monetary and exchange rate policies, have continued to help temper
inflation. The CBI has brought inflation down from a peak of more than
70 percent in 2006 to below 10 percent since early 2008, primarily
through appreciating the currency. The CBI has held the official
exchange rate at close to 1,170 IQD/1.00 USD since 2009.
[You must be registered and logged in to see this link.]
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