Central Bank of Iraq limits exchange company fees

The Central Bank of Iraq (CBI) set on Sunday a new commission rate for private exchange companies selling US dollars to travellers. The central bank discovered that some companies were charging excessive fees, violating previous guidelines.

To ensure compliance, the CBI has instructed exchange companies to charge only 25,000 Iraqi dinars as a commission. Failure to adhere to this regulation could result in exclusion from future foreign exchange transactions.

“It has been observed that some exchange companies are charging travellers a commission of 50,000 dinars. This practice violates the guidelines outlined in our circular (8003/1/9) dated on 11/7/2024, which limited the commission to 25,000 dinars.” the statement read.

Attribution:The Central Bank of Iraq