The Central Bank announces the continuation of its activities and banks according to the exception issued by the competent authorities
The Central Bank of Iraq confirmed, on Thursday, the continuation of its business and banks according to the exception issued by the competent authorities, pointing to the resumption of meeting foreign transfer requests.
The Central Bank media stated in a statement, “The Central Bank decided at the meeting of the Board of Directors to continue the work of the Central Bank and banks according to the exception issued by the competent authorities, in addition to resuming the fulfillment of external transfer requests through the window to meet the requests that citizens and the government routinely need during the period of imposing the ban”.
He added, “The bank decided to postpone the implementation of the penalties and fines incurred by the banks, for a period of three months, starting from 1/4 to 6/30/2020, and it was decided to support the banks’ liquidity by reducing the legal reserve ratio to them by 13% and for a period of six months for the purpose of supporting The process of postponing the payment of the installments of all citizens’ loans [for a period of three months] ”.
He explained that “banks, in the event of a curfew, continue to re-practice their activities in full, taking into account reducing the number of employees working in them and adopting health safety measures in order to ensure the implementation and fulfillment of the necessary actions for citizens and state institutions, and decided to continue to operate all activities of the payment system on a daily basis.”
And he explained that “the commission incurred by merchants, when using electronic payment tools, was postponed for a period of six months, in addition to resuming the investment window for the open banks in the central bank.” Source