CBI directs new dollar distribution mechanism at airports

Shafaq News/ On Thursday, the Central Bank of Iraq (CBI) instructed currency exchange firms to proceed with the new mechanism for dollar distribution at airports, set to be implemented on July 14.

In an official letter dated July 4, signed by Rafif Moayed Bashir, the Director of Supervision of Non-Banking Financial Institutions, CBI directed four currency exchange companies responsible for providing dollars to travelers at Iraqi airports to follow the new guidelines.

Earlier this week, CBI issued new instructions regarding the provision of US dollars to travelers, stating that these instructions will come into effect starting July 14.

According to CBI's statement, addressed to Al-Rafidain Bank, Al-Rasheed Bank, Trade Bank of Iraq, and currency exchange companies operating in airports and those categorized as A and B, the new mechanism aims to ensure travelers receive cash dollars and prevent unsound transactions by exchange firms. The statement specified July 14, 2024, as the final date to begin implementing the dollar distribution mechanism exclusively at airports.

CBI also specified that the aforementioned banks and airport-based currency exchange firms are entitled to a fixed commission of 15,000 IQD per transaction from customers. Currency exchange firms outside the airport will collect this fee on behalf of the banks and airport-based firms, according to an agreement between the parties involved.