CBI STATEMENT - 12/27/2022

ronscarpa · December 28, 2022

statment

Tuesday - December 27, 2022

Statement

The Board of Directors of the Central Bank of Iraq met on 12/27/2022 and discussed the repercussions and indicators of the rise in exchange rates in the local markets and the temporary pressures the foreign currency exchange rate has been exposed to for days resulting from internal and external factors, given the adoption of mechanisms to protect the banking sector, customers and the financial system. Whereas, all foreign trade requirements (for the purposes of documentary credits or transfers) are fully covered by the official price (1465) dinars per dollar for documentary credits and (1470) dinars per dollar for transfers.

Therefore, we call upon the merchants to review the banks directly and not resort to brokers and speculators to avoid charging their imports with undue commissions and expenses, referring in this regard to what was issued by the Council of Ministers in its Resolution No. (351) of 2022 regarding non-payment of customs duties and amounts of tax secretariats in advance, as it will lead This aims to reduce redundant loops, ease procedures, and remove costs resulting from pre-demarcation problems.

At the same time, we urge banks to assume their responsibilities in facilitating and expediting procedures for their customers to ensure their access to financing with the best banking practices and with the least amount of loops, taking into account the established legal requirements.

Central Bank of Iraq
Media Office
12/27/2022