The Central Bank cancels letters of guarantee to exchange companies

Economy News Baghdad: The Central Bank of Iraq, the companies to mediate the sale and purchase of foreign currency need to deposit 100 million dinars instead of the letter of guarantee in its dealings with the Central Bank.

According to a document issued by the Central Bank and obtained by “Economy News”, “The Central Bank decided on the basis of the decision of the Board of Directors of exchange companies to deposit a hundred million dinars in the insurance account with the Central Bank instead of providing letters of guarantee.”

“The payment will be by notice of the payment system ( RTGS) of the same amount from the bank account with which these companies are working for the central bank,” the document said.

The document stated that the decision obligates the companies to complete this decision, ie the deposit of 100 million dinars at the end of January.

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