The Central Bank cancels the license of Al-Tufan Exchange and Financial Brokerage Company
The Central Bank cancels the license of Al-Tufan Exchange and Financial Brokerage Company
2025-03-07
The Central Bank of Iraq decided to cancel the license of Al-Tufan Exchange and Brokerage Company due to what it described as violations of Regulations No. (1) of 2022, which regulate the work of exchange and financial brokerage companies in Iraq. According to the document issued by the Central Bank, which included, “Based on the decision of the Bank’s Board of Directors No. (48) of 2025, and in view of Al-Tufan Company’s violation of the controls regulating the work of exchange companies and brokerage in the sale and purchase of foreign currencies No. (1) of 2022, it was decided to withdraw the company’s license and confiscate its letter of guarantee in favor of this bank amounting to (50,000,000) fifty million dinars issued by the Iraqi Middle East Investment Bank.”
The bank requested the Companies Registration Department at the Ministry of Commerce to “cancel the certificate of incorporation granted to the company and provide it with a letter deleting the company’s name from the department’s records and a certified liquidation report and letter.”
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