The firms’ return to dollar sales follows verification that they met compliance requirements. A separate central bank decision reduces the frequency of travelers’ cash dollar allocations to once every two months.
Iraq’s central bank said the US Treasury had lifted restrictions on some Iraqi currency exchange firms, allowing them to resume dollar sales to travelers. The Iraqi News Agency (INA) reported the bank’s statement on October 18.
The central bank said the restrictions were lifted after the firms’ compliance with its approved standards had been verified. It described the step as part of efforts to strengthen adherence to supervisory requirements and regulate foreign currency sales within approved rules. The statement did not name the firms or specify how many were covered.
The stated scope is dollar sales to travelers. The announcement does not say that restrictions on all Iraqi banks or exchange firms have been removed.
A $2,000 allowance every two months takes effect
A separate rule announced by the central bank on October 15 took effect on October 18. Travelers can obtain their $2,000 allowance once every two months, with a maximum of six allocations a year.
July’s rule cut the cash amount from $3,000 to $2,000
Under instructions issued on July 8, the central bank had reduced the monthly cash allowance for adult travelers leaving Iraq from $3,000 to $2,000.
In July, the bank also encouraged travelers to use credit and prepaid cards to cover expenses abroad.
The Iraqi News Agency’s October 18 post on restrictions being lifted for exchange firms
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