The Central Bank calls on merchants to deal with banks and avoid brokers and speculators

Information / Baghdad… The Central Bank Governor Mustafa Makhaif called on merchants to deal directly with banks.

A statement by the media office of the bank, received by Al-Maaloumah Agency, stated that “Makhaif and the advanced staff at the Central Bank received a number of merchants to discuss the most important concerns and proposals of merchants and the most important challenges they face in dealing with authorized banks,” wishing them “to avoid resorting to brokers and speculators, and to deal directly with Banks that provide various banking services.

The Governor of the Central Bank gave an “explanation of the procedures and decisions of the Central Bank of Iraq during the past days to enhance stability in the foreign currency market and the mechanisms of the electronic platform as a tool for external transfer.”

The statement pointed out that “the Central Bank of Iraq confirmed, at the end of last month, that merchants review banks directly and not resort to brokers and speculators to avoid charging their imports unduly commissions and expenses, noting what was issued by the Council of Ministers in its decision No. (351) of 2022 regarding non-payment of fees.” Customs duties and tax secretariats amounts in advance, as this will reduce excess loops, ease procedures, and remove costs resulting from prior demarcation problems.

He stressed that “the Central Bank continues to work to simplify external transfer procedures through official channels and at the official exchange rate for merchants, in light of the launch of the electronic platform for external transfer at the beginning of this year.” He called on other competent government agencies to “facilitate the merchants’ procedures to ensure full disclosure of all transactions and ensure their safety.”

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