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The Iraqi Bank announces external transfer controls
Economical 10/16/2023
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-Sabah
The Trade Bank of Iraq (TBI) announced yesterday, Sunday, the external transfer controls for individual traders at a rate of 100 thousand dollars during one month.
A statement from the bank stated, “In continuation of implementing the plan to meet the needs of individual merchants for financial transfers in the dollar currency and at the official rate specified by the Central Bank of Iraq (1,320 dinars per one dollar), the bank began implementing this plan since last July at a rate of ($100,000) one hundred thousand dollars.” During one month for every individual trader for the purposes of importing consumer goods.”
The statement stressed that "the bank is working to develop its services provided to customers in a way that facilitates the flow of their financial operations in accordance with legal frameworks and correct and sound contexts to ensure the safety of transfer operations."
The statement explained, "The transfer controls for individual merchants are as follows: -
1 - Opening a current account in accordance with the controls and instructions in force at the Iraqi Trade Bank.
2 - The external transfer ceiling for each individual merchant does not exceed the amount of ($100,000) one hundred thousand dollars only within a period of (30) days."
3 - A preliminary commercial list, provided that it has an effective date not exceeding (six months) from the date of creating the request on the platform.
4 - The customer undertakes to provide the bank within a period of (30) days for neighboring and regional countries, and (60) days for other countries, with proof of entry. materials to Iraq, in addition to his pledge that he does not own a company and that he is not a shareholder in a company, and in the event that he does not commit to providing the requirements within the period specified above, he will be deprived of transfer procedures and all legal measures will be taken against him. 5 - Providing the bank with (Minvest) that includes the required information
that Proving the entry of materials into Iraq.
6 - Requests for these transfers are executed through the bank’s branches operating in Baghdad and other governorates.
7 - Requests for private transfers are not accepted for those who do not have an actual workplace (shop).
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