Shafaq News/ On Sunday, the Central Bank of Iraq warned all banks not to deliver the dollar to citizens, under the pretext of implementing the bank’s decisions that will come into effect early next year.
A letter issued by the Central Bank, addressed to banks, obtained by Shafaq News Agency, stated, “In confirmation of what was stated in our Circular No. 3/9/180 on 6/30/2020 and subsequent circulars regarding foreign exchange centers, the latest of which is our Circular No. 9/2/204 on 3/30/2023, your banks must take into account the foreign exchange positions allowed in accordance with the above circulars to avoid the inability to meet your customers’ requests to withdraw the dollar deposited in cash in their accounts open with you.”
The Central Bank added, “Several complaints were received regarding non-fulfillment of these withdrawals under the pretext of the existence of instructions issued by the Central Bank prohibiting this,” stressing that “the Central Bank will take into consideration the complaints received from customers and will take the necessary measures against the banks that abstain.”
The Central Bank of Iraq confirms that dollar deposits are guaranteed, and the citizen who deposited his money in dollars with any Iraqi bank previously or by the year 2024 has an inherent right to receive these amounts in cash in US dollars.
The Central Bank had indicated that the reforms it is undertaking aim to achieve compliance of the bank and the Iraqi banking system in general with international compliance standards, thus preventing the dollar from reaching parties prohibited from obtaining it or speculating with it.
