The Iraqi Central Bank (ICB) has decided to limit the currency sale to $10m for banks with a capital of 250bn IQD to improve currency sales.
The bank’s governor Muzhir Salih said: "$4m was fixed for branches of foreign banks in currency sales to prevent money laundering and to fight against economic crime."

The central bank is heading towards a daily exchange of close to $200m as part of precautionary measures to prevent any attempts to smuggle currency outside the country.

The function of the ICB is to maintain price stability, implement monetary policy - including exchange rate policies - manage foreign currency reserves and regulate the banking sector.







AKnews