Sulaymaniyah issues new rules on currency transactions

SULAYMANIYAH — The Sulaymaniyah Security Directorate has issued five new directives targeting the local exchange market, including a comprehensive ban on transactions using digital currencies.

Salam Abdul Khaliq, spokesperson for the security directorate, informed 964media the decisions were approved in December 2023 but have only recently been directed specifically at the exchange market to ensure compliance.

Officials say the new rules are an effort to regulate currency exchange markets and ensure the secure financial transactions within Sulaymaniyah. Companies, offices, brokers, and traders have also been cautioned that failure to comply with the directives will result in legal repercussions.

One key decision in the new set of rules outlines that traders must accept both old and newly-printed U.S. dollars. Traders in the region’s markets often refuse old or marked U.S. bills, enforcing a system that prioritized “clean” bills. Traders, however, have been cautioned against accepting counterfeit, damaged, or excessively worn currency.

Additionally, remittances must be paid out to recipients officially listed on transactions, or authorized representatives, after presenting valid identification.

The ban on all forms of digital currency transactions underscores security concerns over electronic financial activities and officials’ attempts to control illicit trade.

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