In accordance with the Council of Ministers and the Central Bank of Iraq ‘’CBI” approaches towards decreasing USD exchange rate against IQD in local markets

 

In accordance with the Council of Ministers and the Central Bank of Iraq ‘’CBI” approaches towards decreasing USD exchange rate against IQD in local markets, in addition to supporting the import process as per the legal frameworks and correct procedures thus ensuring the safety of financial transfers, the thing that will be reflected positively on individual merchants and shopkeepers.

Trade Bank of Iraq “TBI” decided to expand the foreign transfers range by allowing the aforementioned specified groups to import consumer goods at CBI exchange rate of IQD1320 per one USD1, provided that the value of the foreign transfer for each individual trades does not exceed ($100,000 one hundred thousand dollars only) per month. The implementation of procedures of such process shall be carried out at TBI benches located inside Baghdad as first step, then it shall be expanded to include TBI branches located outside Baghdad according to TBI instructions.

Below are the requirements for opening an account for individual traders and shopkeepers: –

1. Identification documents: Nationality ID, Iraqi Nationality Certificate (or National Card, Residency Card), Iraqi passport (or submitting an undertaking to provide us with the passport as soon as it is issued).
2. Submitting an evidence to sources of income (sale receipts or contracts for periods not exceeding 6 six preceding months) or any other proofing documents.
3. Submit a proof of work address (lease contract or real estate deed).
4. Filling out a (KYC) form.
5. A valid Chamber of Commerce ID (if any).
6. Proof of trader’s activity.
7. Submitting an undertaking that the individual trader does not own a company registered, whether now or in the future.