Rasheed Bank readies branches to provide dollars for Hajj pilgrims

BAGHDAD — State-owned Rasheed Bank on Wednesday directed its branches to make logistical arrangements to facilitate the sale of U.S. dollars to Hajj pilgrims in the coming days.

In a statement, the bank said it had instructed branches to strengthen staffing and prepare procedures to ensure smooth and timely transactions during the Hajj season.

The bank said the measures are part of a plan to handle expected demand and streamline the process for pilgrims.

Each pilgrim will be allocated $2,000 at the official exchange rate of 132,000 Iraqi dinars per $100. This compares to the parallel market rate, which currently exceeds 150,000 dinars per $100. The measure is intended to help and facilitate access to foreign currency for pilgrims during the Hajj season.

Saudi Arabia sets annual quotas based on each country’s Muslim population, typically allocating about 1,000 pilgrims per 1 million Muslims. Iraq’s quota in recent years has ranged between 34,000 and 40,000 pilgrims, divided among governorates, including the Kurdistan Region.

Hajj is one of the Five Pillars of Islam, which means it is a core religious duty. Every Muslim is expected to perform Hajj at least once in their lifetime, if they are physically and financially able.