Document.. The Central Bank decides to allow exchange companies to participate in the currency buying and selling window
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Shafaq News/ The Central Bank of Iraq decided, on Monday, to allow "A and B" exchange companies to open deposit accounts with the bank in dinar and dollar currencies, and to participate in the currency buying and selling window.
According to a bank document obtained by Shafaq News Agency, "In order to facilitate cash sales in US dollars for travelers, this bank decided to allow exchange companies (A and B) wishing to open accounts with this bank in both dinars and dollars for the purpose of participating in the buying and selling window of foreign currency according to the following controls:
First: the deposit process
1. The company submits a request to the accounting department of this bank to open an account in dinars and dollars, and its account will be in dinars for deposits and the dollar account for withdrawals exclusively, provided that it includes the names of the authorized persons.
2. The amount of the dinar, which is equivalent to the cash share, is deposited weekly at the selling price (1310) dinars per dollar.
3. The company will be provided with a book of checks prepared on its account, which will be opened with us, provided that withdrawals from the book are in sequence.
Second: the withdrawal process
1. The managing director or his assistant shall appear with one of his employees for the purpose of signing and fingerprinting in front of the Deposit, Exchange and Cash Division, where he is exclusively authorized to withdraw.
2. The withdrawal of the dollar will be within two days from the date of sale, otherwise the sale of the cash share will be refused and the amount will be returned to the company’s account in dinars.
3. After verifying the validity of the instrument by the two departments (accounting and internal auditing), the amount will be disbursed to the company.
4. A request is sent to the accounting department before the paper book runs out, for the purpose of receiving another book of checks, with the necessity of handing over the stubs of the previous book for the purpose of receiving a new book.
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