Central Bank says pre-devaluation import transfers have all been processed

BAGHDAD — The Central Bank of Iraq said Tuesday that it had processed all import-related transfer requests pending before the Oct. 7 devaluation that met its conditions, and urged traders and companies to check with their banks that their transfers had gone through.

Traders should file complaints through the bank’s electronic platform if transfers were delayed without reason or if banks demanded extra payments against the rules, the bank said, and it would act against banks found in violation. It would keep monitoring compliance and ensure imports continued to be financed through the banking system, with foreign currency available for eligible requests. On Oct. 10, it had told traders to check that transfers due before Oct. 7 were completed without extra charges from the rate change.

Since Oct. 7, the Central Bank buys dollars from the Finance Ministry at 1,500 dinars, sells to banks at 1,510 and sets the public rate at 1,520, up from 1,300, 1,310 and 1,320. Prime Minister Ali al-Zaidi told the parliament speaker and committee chairs on Oct. 8 that devaluation was necessary to keep paying salaries without more borrowing. The dollar sold for 169,000 dinars per $100 in Baghdad on Sunday, despite the government’s stated plan to bring the rate down to 155,000.