Based on the directions of the Presidency of the Council of Ministers and the Central Bank of Iraq to limit the rise in the exchange rate of the dollar against the dinar in the local markets, and to support the import process in accordance with the legal frameworks and correct and sound contexts to ensure the safety of financial transfer operations, which reflect positively on individual traders and shop owners.
Therefore, the Iraqi Trade Bank (TBI) decided to take the initiative to expand the scope of the external financial transfer process by allowing the above-mentioned categories to import consumer goods at an exchange rate of the Central Bank of Iraq of 1320 dinars per one dollar, provided that the value of the external transfer per individual trader per month ($100,000 only one hundred thousand dollars) and work in this matter will start in the bank’s branches in the capital Baghdad and work in other branches outside Baghdad will be expanded soon and according to the instructions of the Iraqi Trade Bank.
Below are the requirements for opening the account of individual traders, shop owners and agencies:-
1- Identification documents (concribative): – Civil status ID, Iraqi nationality certificate or unified national card, residence card, Iraqi passport or making an undertaking to provide us with the passport as soon as it is issued.
2- Provide an explanation of the sources of income deposited (sale receipts or contracts for periods not exceeding 6 and six months prior) or any other documents clarifying this.
3- Provide proof of the address of the business (rental contract or a real estate bond).
4- Fill out the Know Your Customer (KYC) form.
5- Valid Chamber of Commerce ID (if any).
6- Provide what shows the activity of the merchant.
7- Making an undertaking that the individual merchant will not own a company that is currently registered or in the future.
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