7 conditions for transferring the dollar to Iraqi merchants.. TBI Bank
7 conditions for transferring the dollar to Iraqi merchants.. TBI Bank
10-15-2023
The Iraqi Trade Bank confirmed, on Sunday, that it had set 7 conditions for transferring the dollar to Iraqi merchants, while indicating that it would continue to implement its plan to meet individuals’ need for the dollar at the official central bank rate.
Continuing to support our economy and our national currency, the Trade Bank of Iraq (TBI) announces the continuation of implementing its plan to meet the need of individual merchants for financial transfers in the dollar currency and at the official rate specified by the Central Bank of Iraq (1,320 dinars per one dollar).
The bank began implementing this plan since last July at a rate of ($100,000) one hundred thousand dollars during one month for each individual merchant for the purposes of importing consumer goods, stressing that our bank is working to develop its services provided to customers in a way that facilitates the flow of their financial operations in accordance with legal frameworks and correct and sound contexts. This ensures the safety of transfer operations.
Transfer controls for individual traders:
1. Opening a current account in accordance with the controls and instructions in force at the Trade Bank of Iraq.
2. The external transfer ceiling for each individual trader does not exceed the amount of ($100,000) one hundred thousand dollars only within a period of (30) days.
3. A preliminary commercial list, provided that it has an effective date not exceeding (six months) from the date the request was created on the platform.
4. The customer undertakes to provide the bank within a period of (30) days for neighboring and regional countries, and (60) days for other countries, with proof of the entry of materials into Iraq, in addition to his pledge that he does not own a company and that he is not a shareholder in a company, and in the event that he does not commit to providing the requirements during the period specified above, he will be deprived of transfer procedures and all legal measures will be taken against him.
5. Providing the bank with a “manifest” that includes the required information proving the entry of materials into Iraq.
6. Requests for these transfers are executed through the bank’s branches operating in Baghdad and other governorates.
7. Private transfer requests are not accepted for those who do not own an actual workplace (shop).
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