Iraqi bank has received shipments of millions of dollars: source

Shafaq News/ The Trade Bank of Iraq (TBI) has reportedly received shipments of millions of dollars recently, in a bid to bolster the country's foreign currency reserves and provide a much-needed shot in the arm for the Iraqi banking sector.

According to a government source, the influx of dollars is part of the TBI's broader strategy to import foreign currency in order to meet customer demand and address the ongoing shortage of USD liquidity in the Iraqi market.

The source, speaking to Shafaq News Agency, confirmed the arrival of the first shipment and indicated that further deliveries are expected in the coming days.

This development follows the Central Bank of Iraq's decision in November 2023 to allow licensed Iraqi banks to import foreign currency from international sources, subject to specific conditions. These conditions include a minimum shipment value of $500,000 and a requirement that the source and recipient banks be licensed by the Central Bank itself.