From CBI – “(Depositing RTGS) Given the performance of Imam Moussa Kazem visit decrees (p). Your deposits will be window sale of foreign currency for the days 11,10,9,8 may/2016 Wednesday and Thursday 5,4 may , respectively.”
This is another great move. In the past when someone deposited funds in an Iraqi bank for wire transfer, the funds would remain for five to ten days and then the receiving bank would get the funds.
It slowed down business transactions and helped create the money trading companies.
Once this is in place it will all but eliminate the MTC’s [Money Transfer Companies] who were profiting off the dysfunction of the private banks.
All future deposits and transfers will happen in real time, no more lengthy delays.
Step by step, Iraq is moving forward with measures to join the international banking community.
