At a Glance

• CBI processed all backlogged import transfers.

• Suspended pre-October 7 requests are cleared.

• Traders are urged to verify their transactions.

• Unjustified delays should be reported electronically.

The Central Bank of Iraq announced it has cleared all backlogged import transfer requests suspended prior to the recent exchange rate adjustment, reassuring businesses of regular foreign currency availability to sustain local market trade.

Key Statements and Focus Area

• The Central Bank announced that "it has completed processing fund transfer requests for imports that were suspended prior to the exchange rate adjustment on October 7, 2026, provided they meet the approved terms and regulations." 

• The regulator urges traders and companies involved in these requests to contact their respective banks to verify the execution of their foreign transfers.

In a statement issued today, the Central Bank of Iraq directed traders to report any unjustified delays or unauthorized transaction fees through its official electronic complaints platform. 

The financial authority emphasized that it will take strict regulatory measures against any non-compliant banking institutions to safeguard trade operations.

The Central Bank of Iraq reaffirmed its commitment to monitoring commercial bank compliance with current foreign transfer regulations. 

Furthermore, the regulator reassured businesses and citizens that import financing will continue steadily with a reliable supply of foreign currency. 

This regular distribution aims to sustain local trade activities and ensure an uninterrupted flow of essential goods into domestic markets.

FYI

The Central Bank of Iraq intervened to process backlogged fund transfers after the official exchange rate was devalued from 1,320 to 1,520 dinars per U.S. dollar.

This sudden policy shift had stranded hundreds of merchant transactions, as commercial banks illegally demanded that importers pay the new exchange-rate difference out of pocket. 

The processing block triggered intense protests by major importers and traders outside the CBI headquarters in Baghdad due to fears of massive financial losses. 

By clearing these suspended transactions at the pre-adjustment rate, the regulatory authority successfully mitigated widespread trade disruptions and prevented immediate spikes in consumer goods inflation. 

Despite the central bank stabilizing official import financing, high demand for physical currency has kept parallel market exchange rates fluctuating at a premium across the country.

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