Iraq issues new instructions to banks regarding commission for cash withdrawals for dollars
Iraq issues new instructions to banks regarding commission for cash withdrawals for dollars
SUN, 20-12-2020, PM 1:13
On Sunday, the Central Bank issued new instructions to all banks regarding the commission for cash withdrawals for dollars, noting that the mechanism does not include customer deposits in dollars in cash.
“The commission for cash withdrawals of the US dollar, which comes from remittances received from banks to our accounts at the US Federal Bank, as well as remittances received by banks from other banks, is 0.007 seven per thousand,” the bank said in a statement.
“The above-mentioned remittances are disbursed to banks at the rate of 75% in cash in dollars according to the above commission, and (25%) an Iraqi dinar is paid according to the official exchange rate (1182) dinars to the dollar,” he added.
He added that “banks should spend the above 25% to their customers who own remittances at a price of (1200) dinars / dollar, and submit their requests at the end every month to the accounting department at the Central Bank for the purpose of processing the difference in the two rates in their accounts we have in Iraqi dinars.
He pointed out that “the banks have the right to disburse the full amount of the incoming transfer in Iraqi dinars if the customer desires to do so, and the difference in the two prices is treated with the same mechanism mentioned.”
The bank stressed that “the above mechanism does not include customers’ deposits in dollars in cash, as they are paid to the customer in full, but rather are limited to customers who receive incoming transfers from outside Iraq of whatever kind, and internal dollar transfers between banks in their accounts with us.”
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