Shafaq News- Baghdad

The Central Bank of Iraq (CBI) has exclusive authority to regulate and oversee banking and non-banking financial institutions, a senior official told Shafaq News on Wednesday, clarifying that security forces cannot pursue or detain foreign currency traders without judicial authorization.

Security agencies may enforce laws and court rulings in coordination with relevant authorities when violations are formally reported, the official said, but cannot independently act against individuals dealing in foreign currencies without explicit judicial orders.

Earlier on Wednesday, the CBI introduced a new exchange-rate structure, setting the dollar at 1,500 dinars for purchases from the Finance Ministry, 1,510 for sales to banks, and 1,520 for sales to the public, up from the previous retail rate of 1,320. The parallel-market rate reached 1,680 dinars per dollar following the adjustment.

The bank had characterized the decision as a “strategic step” toward financial stability, assuring citizens and businesses that its foreign reserves remained strong and sufficient.

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