The Central Bank republishes controls for declaring funds and bringing them in or out of Iraq

[RJG]

The Central Bank republishes controls for declaring funds and bringing them in or out of Iraq

Economy |Today, 14:43 |

    

 

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Baghdad Today - Baghdad 

Today, Tuesday (October 29, 2024), the Central Bank of Iraq republished the controls for declaring funds, while indicating that it allows the entry or exit of amounts less than $10,000.

The bank said, according to a statement received by "Baghdad Today", that "in order to reduce the risks of bringing in and out money across the Iraqi borders and exploiting this in money laundering or terrorist financing operations, and based on the Anti-Money Laundering and Terrorist Financing Law No. 39 of 2025, and the provisions of Controls No. 1 of 2029 (amended Controls No. 1 of 2017), the following must be adhered to:

1. It is permitted to bring in or take out amounts less than (10,000) dollars (ten thousand US dollars) or its equivalent in other currencies without declaring them.

2. It is permitted to bring in or take out amounts exceeding (10,000) dollars (ten thousand US dollars) to 20,000 dollars (twenty thousand US dollars) provided that they are declared, with the necessity of presenting evidence supporting the purpose of bringing in or taking out these amounts. In the event that supporting documents are not available, the traveler must submit a pledge to bring these documents after (30) days from the date of declaration.

3. It is prohibited to bring in or take out amounts exceeding (20,000) dollars (twenty thousand US dollars) or its equivalent in other currencies, and the process of bringing in or taking out these amounts shall be exclusively through financial institutions.

4. It is prohibited to bring in or take out amounts exceeding (1,000,000) dinars (one million Iraqi dinars) even if they are declared, and the amount will be seized and legal measures will be taken against it. 5. Declaration of precious stones and metals if their value exceeds (10,000) ten thousand US dollars. 6. Declaration of financial instruments that are negotiable to bearer or are transferred inside or outside Iraq by a person, postal service, shipping service or any other means and whose value exceeds (1,0000) ten thousand US dollars.

 

https://baghdadtoday.news/260953-البنك-المركزي-يعيد-نشر-ضوابط-التصريح-عن-الأموال-وإدخالها-أو-إخراجها-من-العراق.html

[southbeach]

Does this ruling apply to all the US currency exchanges exporting IQD from the CBI auction floor?

[utah rock]

Why can't you take 1,000.000 dinar out if you can take 10,000 US dollars out? That doesn't make sense when 1,000,000 dinar is worth roughly 1,000 dollars. Clowns!!!!

[NMP2017]

1 hour ago, RJG said:

4. It is prohibited to bring in or take out amounts exceeding (1,000,000) dinars (one million Iraqi dinars) even if they are declared, and the amount will be seized and legal measures will be taken against it.

This point don't make sense as $1,000,000 IQD is only ~ $757 USD, meaning a person can't bring in or take out even $1,000 USD. Me thinks something got lost in the translation...

[NMP2017]

4 minutes ago, utah rock said:

Why can't you take 1,000.000 dinar out if you can take 10,000 US dollars out? That doesn't make sense when 1,000,000 dinar is worth roughly 1,000 dollars. Clowns!!!!

LOL! Just finished posting the same thing!

[Laid Back]

7 hours ago, utah rock said:

Why can't you take 1,000.000 dinar out if you can take 10,000 US dollars out? That doesn't make sense when 1,000,000 dinar is worth roughly 1,000 dollars. Clowns!!!!

Maybe because in the near future 1,000,000 IQD will be more valuable than $10,000 dollars.

Just my opinion.

 

Go end of currency window 

Go delete of 000

Go stronger dinar

[utah rock]

I sure hope you’re correct good sir! Cheers to the thought 🥂 

[NMP2017]

33 minutes ago, Laid Back said:

Maybe because in the near future 1,000,000 IQD will be more valuable than $10,000 dollars.

[screwball]

1 hour ago, Laid Back said:

Maybe because in the near future 1,000,000 IQD will be more valuable than $10,000 dollars.

Just my opinion.

 

Go end of currency window 

Go delete of 000

Go stronger dinar

makes sense....thanks LB!

[rvmydinar]

17 hours ago, RJG said:

It is prohibited to bring in or take out amounts exceeding (1,000,000) dinars (one million Iraqi dinars) even if they are declared, and the amount will be seized and legal measures will be taken against it. 

Hopefully, dinar holders don't have to fly to Iraq to trade in dinar for dollars. There won't be In-Country RV , will it.

[rvmydinar]

17 hours ago, RJG said:

The Central Bank republishes controls for declaring funds and bringing them in or out of Iraq

Just wonder, why do the CBI all of sudden makes announcement about declaring funds? Have the Currency dealers been smuggling billions of iraq dinars out of iraq country lately?

[haymon]

Sounds like the USA Treasury floor at cbi is feeding them ways to do things...

[Laid Back]

Just wonder, why do the CBI all of sudden makes announcement about declaring funds?

I was thinking, when the CBI removes exchange control and gives real market value to the dinar “RV” people inside Iraq will get Purchasing power. 

 

They will exchange 000 notes for new LD notes with more value.

 

This is the question.

What will happen if they take 1,000,000 IQD out of the country 

and exchange it for example in Dubai, Kuwait, UK, USA or any other country?

They will get the international exchange rate.

 

I think this is the main reason the CBI republishes controls for declaring funds.

Besides the risks of bringing in and out money across the Iraqi borders and exploiting this in money laundering or terrorist financing operations.

Just my opinion.

 

 

 

[JonnyV]

Laid Back,  thats if there are two exchanges rates.  

[Laid Back]

5 hours ago, JonnyV said:

Laid Back,  thats if there are two exchanges rates.  

Thanks for your input JonnyV.

Can you explain a little more. Thanks.!

[rvmydinar]

18 hours ago, Laid Back said:

F

This is the question.

What will happen if they take 1,000,000 IQD out of the country 

and exchange it for example in Dubai, Kuwait, UK, USA or any other country?

They will get the international exchange rate.

[JonnyV]

10 hours ago, Laid Back said:

Thanks for your input JonnyV.

Can you explain a little more. Thanks.!

 

Sure.  Not attacking you of course.  We have been told that you can’t have two different exchanges rates, for various reasons such as,  the Dinar will leave the country, regardless in the amounts, for Iraqis to cash in for a higher value and open a bank account outside of Iraq.

 

I can see if their Dinar is in a bank account, the CBI can play with the zeroes and screw them but I cant see two different exchanges rates unless I am missing something.  

[psdon]

On 10/29/2024 at 10:52 PM, Laid Back said:

Maybe because in the near future 1,000,000 IQD will be more valuable than $10,000 dollars.

Just my opinion.

 

Go end of currency window 

Go delete of 000

Go stronger dinar

[Theseus]

Maybe because ever since the US implemented the 10K USD policy after 9-11 the rest of the world followed suit?