An official source denied on Thursday that the procedure of acquiring foreign cash by Iraqi banks lacked legal foundation.
According to the source, the State Shura Council’s decision (No. 2/2011) dated 1/10/2011, which states (there is no legal basis for importing cash), is valid. The Central Bank of Iraq, on the other hand, issued its instructions in July 2011 and published them in the Iraqi Gazette, emphasizing that every instruction published in the Iraqi Gazette is deemed… A legally binding document.
The Central Bank of Iraq voted on Wednesday to enable Iraqi banks to import foreign money under five conditions.
According to a letter obtained by Shafaq News Agency from the Central Bank of Iraq, “Based on the requests received by the bank, and in order to provide the required flexibility for banks operating in Iraq, it was decided to allow you to import foreign currency from outside Iraq while adhering to the following: –
1- The funds must be utilized to address the needs of your clients, who are officially registered businesses, organizations, and bodies, as well as people working for international corporations or institutions who receive remittances from outside Iraq.
2- Submit a request to the Central Bank of Iraq (Banking Control Department) detailing the sum to be submitted as well as the specifics of the transaction.
3- Payments must only be made through air ports.
4- Your promise to register the serial numbers of these shipments and then report them and the receivers’ details to the Banking Control Department.
5- Providing the name of the foreign shipping firm, as well as a copy of the license given to it in its home country, to the Central Bank.
The Central Bank of Iraq indicated that it will continue to provide foreign currency to satisfy customer demands and in compliance with relevant instructions and procedures.