According to Iraqi Media Center, the Central Bank of Iraq provides only a certain quantity of dollar per week to the banks, money transfer companies and banking companies for selling to the citizens who are to travel abroad.
Deputy Governor of the bank has stated that, except for the banks Rafidain and Rasheed, all the other banks get up to 2 million dollars a week to provide the citizens for the purpose of travel, but an individual can have only 10 thousand dollars at a time. The above mentioned two banks get about 5 million dollars per week.
He has also added that the banking companies and money transfer companies get about 75 thousand dollars per week for the same purpose. Along with that there are also remittance companies and banking offices that also provides dollars to the citizens who are travelling abroad, but all those other sources need to register with the Central Bank of Iraq.
He has confirmed that the amount of dollars sold to the bank, banking companies and the financial Althobl companies measures up to 40 to 50 million dollars. All this money is sold for the providing the citizens who are travelling abroad.
Auction sale of the hard currency is still associated with the controversial political condition and is also one of the biggest accusations to prove the cases of corruption.
There is a list of tasks that the Central Bank of Iraq is assigned to and they are, maintaining the stability of price and currency, include exchange rate policies, implementation of monetary policies, managing the reserve of the foreign currency, managing the issuance of currency in the country and regulating the banking sector. Indeed all of these are very crucial for the economy of the country.