Decision of the Central Bank of Iraq

Dear Member,

In the letter sent to our Chamber by TOBB, with reference to the letter dated 26.07.2023 and numbered 87508042 received from the Ministry of Trade, the letter referenced above, a copy of which is provided below, states that, pursuant to the decision of the Central Bank of Iraq dated 20.07.2023 and numbered 9/2/414, the 14 banks in Iraq whose details are given in the letter will not use US Dollars in their banking services as of 20.07.2023.

"A letter received from our Commercial Counsellor's Office in Baghdad provides information on a notification concerning the US ban on fourteen Iraqi Banks conducting dollar transactions.

Regarding the said situation, the decision of the Central Bank of Iraq dated 20.07.2023 and numbered 9/2/414 states that "it has been decided that fourteen banks, namely Almustashar Islamic Bank for Investment and Finance, Alkrtas Islamic Bank for Investment and Finance, Taif Islamic Bank for Investment and Finance, Ilaf Islamic Bank, Erbil Islamic Bank for Investment and Finance, International Islamic Bank, Trans International Iraq Investment Bank, Almusul Bank for Investment and Development, Alrajih Islamic Bank, Somer Commercial Bank, Trust Int. Islamic Bank, Almal Islamic Bank, Alalam Bank for Investment and Finance and Zain Al-Iraq Islamic Bank, shall not use the US dollar currency in any way in their banking services as of 20.07.2023 due to the external audit of their transfers made in 2022, and that the said Banks have the right to provide services freely in Iraqi dinars in various banking services other than US dollars and in other currencies in their international transactions"."

Kind regards,

Elazığ Chamber of Commerce and Industry