CBI to categorize Exchange companies in Kurdistan

Shafaq News / The Central Bank of Iraq called on Monday exchange companies in Kurdistan Region to obtain work licenses.

The bank said in a statement received by Shafaq News agency, "companies mediating the sale and purchase of foreign currencies in Kurdistan Region wishing to obtain a work license can register as a banking company, based on the amended Companies Law No. (21) of 1997, and the Bank Law Central No. 56 for the year 2004."

The statement added, "obtaining the license entails advantages that are commensurate with the category in which the company falls (A, B, C)."

"The companies wishing to register in category A must have a capital of at least five billion dinars, while companies of category B must have a capital of at least 2.5 billion dinars. The companies with capital of less than 500 million dinars will be included in the category C."