Iraqi government, private banks import $255 million in two weeks

Baghdad (IraqiNews.com) – A government source revealed on Wednesday that the government and private banks in Iraq imported $255 million within two weeks.

According to the latest statistics provided by the Central Bank of Iraq (CBI), the quantity of US dollars imported into Iraq within two weeks through some government and private banks is estimated at $255 million, the source told the Iraqi News Agency (INA).

The source added that several other requests to import US dollars are being studied, expecting that additional amounts will arrive in Iraq within the next few days.

Iraqi banks’ imports of foreign currencies, including US dollars, take place in light of the CBI’s permission, allowing Iraqi banks to meet the needs of their customers, who need foreign currencies.

A source in the Iraqi banking sector mentioned two weeks ago that new shipments of US dollars imported by Iraqi banks have arrived at Baghdad International Airport, explaining that the banks will use the shipments to fulfill the needs of customers.

In mid-November, a government official revealed that three private banks in Iraq received official authorization from the CBI to import US dollars.

The official confirmed that the amounts go up to $100 million, indicating that the CBI is studying additional requests submitted by other Iraqi banks to import US dollars.

INA reported that the Trade Bank of Iraq (TBI) recently held important discussions with several international companies to transfer amounts reaching $120 million.

The CBI’s recent decision allowing private banks to import foreign currencies via commercial flights sparked controversy as Iraqi lawmakers and legal experts deemed it unconstitutional, according to The News Arab.

Officials from the CBI held intensive meetings with US officials in Abu Dhabi last month to discuss external transfers to cover imports.