Iraq’s Trade bank announces guidelines for dollar transfers to individual merchants

BAGHDAD, October 15 — The Iraqi Trade Bank announced on Sunday the establishment of seven conditions for transferring dollars to Iraqi merchants. Furthermore, they emphasized their commitment to implementing their plan to fulfill individuals’ dollar requirements at the official exchange rate set by the Central Bank of Iraq.

A statement from the bank, a copy of which was received by the 964 Network:

“The Iraqi Trade Bank (TBI) has stated that it is continuing to implement its plan to meet the financial transfer needs of individual merchants in U.S. dollars at the official exchange rate set by the Central Bank of Iraq (1,320 dinars for one U.S. dollar). The bank initiated this plan since July, allowing each individual merchant to receive up to $100,000 per month for the purpose of importing consumer goods.

The bank emphasizes its commitment to improving customer services to facilitate their financial transactions within the legal and proper framework, ensuring the safety of transfer operations.

Guidelines for dollar transfers to individual merchants:

1. Opening a current account according to the bank’s current rules and regulations.
2. The maximum external transfer limit for each individual merchant is $100,000 within a 30-day period.
3. An initial trade list is to be provided with an effective date not exceeding six months from the request date on the platform.
4. The customer is obligated to provide the bank with evidence of the goods entering Iraq within 30 days for neighboring and regional countries and within 60 days for other countries. Additionally, the customer must confirm that they do not own a company or have shares in one. Failure to comply within the specified periods will result in the suspension of transfer procedures and legal actions against the customer.
5. Provide the bank with a manifest containing the required information that proves the entry of goods into Iraq.
6. Requests for these transfers are processed through the bank’s branches in Baghdad and other provinces.
7. Transfer requests will not be accepted for individuals who do not have an actual business location (commercial store).”