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Banks violate instructions and change citizens' transfers into dinars
Iraq 02/26/2024
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Baghdad: Huda Al-Azzawi
The Integrity Committee in the House of Representatives received several complaints about the failure of licensed banks to comply with the bank’s instructions regarding handing over to their customers their foreign transfers in cash from the bank’s own sources, “including withdrawing foreign currency from their accounts abroad,” according to the agreement between the bank and the customer.
Committee member, Abdul Amir Al-Mayahi, explained in an interview with Al-Sabah that “banks’ violation of instructions regarding converting customers’ transfers in foreign currency into the Iraqi dinar at a price set by the state at 132 causes severe harm to customers, due to the price difference,” describing it as “a violation.” Despite the directive of the Central Bank dated 12/31/2023, and its confirmation on 1/2/2024, then reaffirming the generalization for a period not exceeding nine days in
11/1/2024 on the necessity of adhering to the instructions of the Central Bank and taking into account the rights of customers.”
Al-Mayahi added, “The Central Bank directed that customers be given their transfers in dollars, not Iraqi dinars, and that the banks should inform the Central Bank of the amounts they need for cash dollars to meet their customers’ requests,” indicating that “the banks, unfortunately, did not respond to the call of the Central Bank, did not implement the instructions, and are still delivering external transfers to customers in dinars.” . He pointed out that "the Integrity Committee will have a major role in relation to these violations, especially since there is talk within the committee to begin hosting the Governor of the Central Bank and the advanced staff in the coming days, in addition to the directors of licensed banks to examine the violations committed by them." Al-Mayahi stated, “Council of Ministers Resolution No. (23.26) of 2023 emphasized taking into account dealing in the Iraqi currency and supplying the dinar, and this does not apply to converting foreign remittances to the dinar,” and said: “This is a clear violation and quick decisions will be taken regarding it by the committee.” In turn, Deputy Governor of the Central Bank, Ammar Hamad, said in an interview with “Al-Sabah” that “the citizen harmed by the company or banks must formally address the Central Bank to verify whether he is covered by the instructions or not.” Hamad added, “Follow-up is one of the duties of the Central Bank to determine the damages that befall the citizen, or those resulting from the banks’ failure to cooperate in accordance with the circular received, and therefore the affected person must submit a complaint and explain the situation for it to be audited, in order to take the necessary measures.”
Edited by: Ali Abdel Khaleq
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