VIZIOIRAQI Posted May 10, 2011 Report Share Posted May 10, 2011 Iraqi Central Bank raises individual hard cash transfers to $50,000 By Khayoun Saleh Azzaman, May 9, 2011 Iraqis are now officially allowed to transfer up to $50,000 per transaction in hard cash across the world, the Central Bank says. The decision follows restrictions on hard cash transfers under which Iraqi banks and exchange offices were obliged to declare to the tax authorities the names of individuals transferring more than $10,000 per transaction. The decision had slashed transfers in hard cash from nearly $300 million a day to $3 million.An adviser to the Central Bank, Mudher Mohammed, said the restrictions on transfers had an adverse impact on Iraqi financial markets. “The monetary and financial balance that guided the markets was lost,” he said. The decision to curtail transfers was taken 10 days ago. It demanded that banks and exchange houses provide lists of names of individuals transferring more than $10,000 in one transaction. Yesterday, transfers in hard cash had surged to $80 million following a ruling that scrapped an earlier decision on hard cash transfer restrictions. Banks are now only obliged to declare the names of individuals transferring more than $50,000 per transaction. “The volume of transactions is bound to increase and reach its normal levels, restoring financial and monetary equilibrium to Iraqi markets,” Mohammed said. He said the amount of transfer per transaction was raised for purposes of tourism, study abroad and healthcare http://www.azzaman.c...5-09%5Ckurd.htm 1 Link to comment Share on other sites More sharing options...
Retiredofficer Posted May 10, 2011 Report Share Posted May 10, 2011 Thinking allowance to increase transfer amounts outside of country is a good thing? Link to comment Share on other sites More sharing options...
HYDRANT Posted May 10, 2011 Report Share Posted May 10, 2011 THANKS VIZ Link to comment Share on other sites More sharing options...
Don Paul Posted May 10, 2011 Report Share Posted May 10, 2011 Thinking allowance to increase transfer amounts outside of country is a good thing? Anytime you loosen the leash on 'free' trade is a good thing. Link to comment Share on other sites More sharing options...
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