The Central Bank of Iraq denied a news report alleging that it returned IQD 600 billion after requiring banks to fund foreign transfers at IQD 1,520 per dollar rather than the previous rate of IQD 1,320. It confirmed that foreign transfer requests submitted by banks before October 7, 2026, are being processed at the old exchange rate without additional costs. The central bank has begun receiving and executing those requests. It also confirmed that all electronic payment cards use the approved official exchange rate for citizens’ spending abroad and warned that it may take legal action against entities that publish misleading information or rumors about exchange rates, markets or salaries.
Central Bank of Iraq denies IQD 600 billion transfer report, confirms earlier requests will use old exchange rate
The Central Bank of Iraq denied a report that it returned IQD 600 billion after requiring foreign transfers to use an exchange rate of IQD 1,520 per dollar. Transfer requests submitted before October 7, 2026, are being processed at the old rate without additional costs, while electronic payment cards continue to use the approved official rate.