On Sunday, the Iraqi Trade Bank stated that it had established seven requirements for sending dollars to Iraqi businesses, while also signaling that it would continue to follow its strategy to satisfy people’s demand for dollars at the official central bank rate.
The Trade Bank of Iraq (TBI) announces that it will continue to implement its 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).
Since last July, the bank has been implementing this plan at a rate of ($100,000) one hundred thousand dollars per month for each individual merchant for the purpose of importing consumer goods, emphasizing that our bank is working to develop its services offered to customers in a way that facilitates the flow of their financial operations in accordance with legal frameworks and correct and sound contexts. This guarantees that transfer activities are safe.
Individual dealers’ transfer controls:
- Opening a current account at the Trade Bank of Iraq in compliance with the rules and procedures in place.
- Each individual trader’s external transfer limit does not exceed ($100,000) one hundred thousand dollars within a thirty-day period.
- A preliminary commercial list, with an effective date no later than (six months) after the request was submitted on the platform.
- The customer agrees to provide the bank with proof of the entry of materials into Iraq within (30) days for neighboring and regional countries and (60) days for other countries, in addition to his pledge that he does not own a company and is not a shareholder in a company, and if he does not commit to providing the requirements within the time frame specified above, he will be denied transfer procedures and all legal measures.
- Submitting to the bank a “manifest” including the necessary details verifying the entry of items into Iraq.
- These transactions are carried out through the bank’s branches in Baghdad and other governorates.
- Private transfer requests from people who do not possess a physical workplace (business) are not approved.