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At the official rate.. the Central Bank allows borrowers in foreign currencies to pay in Iraqi dinars (document)
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Baghdad today - Baghdad
The Central Bank of Iraq announced that foreign currency borrowers are allowed to pay in Iraqi dinars.
According to a document issued by the bank on the ninth of this month of January and obtained by “Baghdad Today”, “it was decided to allow foreign currency borrowers from private and government banks to pay in Iraqi dinars and according to the official exchange rate set by the Central Bank of Iraq, provided that this bank reinforces the banks’ accounts in dollars.” For the purposes of external transfer, the official exchange rate is based on the need for that or repayment in the same borrowing currency.
She explained, “This decision applies to loans that were disbursed before 1/1/2024 and allows banks to grant loans in foreign currencies to borrowers who have revenues in foreign currencies sufficient to repay the loan amount in the same currency.”
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