The Central Bank of Iraq instructed companies and traders whose import financing transfers were due for execution before Oct. 7, 2026, to verify completion with their banks. It is reviewing transactions conducted before and after the exchange rate adjustment to ensure banks comply with applicable rules and protect customers’ rights. The central bank had already funded banks’ accounts to cover the relevant transfers and will investigate delays. Traders must not be charged exchange rate differentials where transfers were purchased and covered at the previous rate, and they may file complaints over delays or demands for additional payments. The central bank is also working with banks and electronic payment companies to introduce foreign trade cards that would help small traders finance imports under rules it will set.
Central Bank of Iraq protects pre-October 7 import transfers from exchange rate differentials and plans foreign trade cards
The Central Bank of Iraq is reviewing import financing transfers due before Oct. 7, 2026, and said traders must not bear exchange rate differentials for transfers purchased and covered at the previous rate. It is also developing foreign trade cards to facilitate import financing for small traders.