Iraqi Central Bank urges importers to review remittances before Oct. 7, warns against charging exchange-rate differences

The Central Bank of Iraq on Saturday urged companies and traders whose remittances to finance imports were due for execution before Oct. 7 to review their banks and ensure those remittances were executed, warning them against being charged exchange-rate differences for remittances that were purchased and covered at the previous rate.

The bank added in a statement that it is monitoring banking operations carried out before and after the exchange-rate adjustment, and is verifying banks' compliance with applicable instructions and controls to ensure the protection of traders' and customers' rights.

The statement noted that the bank had previously strengthened banks' accounts to cover those remittances, confirming it is following up on any delays and verifying that traders are not charged exchange-rate differences on remittances proven to have been purchased and covered at the previous rate.

The bank said complaints can be submitted via the Central Bank of Iraq's complaints platform, or sent to the email media.office@cbi.iq, in case of delayed execution of remittances or demands for additional amounts from traders.

The bank pointed out that it is working in coordination with banks and electronic payment companies to launch special foreign-trade cards for small traders, aiming to facilitate the financing of their imports according to the mechanisms and controls it specifies.