The National Investment Commission (NIC) clarifies mechanisms of financial compromises followed in housing projects in Baghdad and provinces.

In the framework of supporting the state efforts to reach a stable currency exchange rate

NIC clarifies mechanisms of financial compromises followed in housing projects in Baghdad and provinces.

No secret for everyone the instability Iraqi market and economy are witnessing in all sectors because of the fluctuation in USD exchange rate and reflected confusion in implementing decisions made by the state Ministries and institutions to support the government and CBI measures to protect local currency.

And for investment companies contracting with NIC an PICs , NIC would prefer to clarify its procedures in this regard.

• Abiding by the directives of the General Secretariat of the Ministers’ Council to all investment companies specialized in constructing housing complexes, a number of investment companies have already started banking windows for their projects financial transactions in a number of banks in coordination with CBI in a mechanism that consists of requiring Iraqi customers to pay their financial dues in Iraqi Dinars that will be automatically exchanged into US dollars by the recipient bank and deposited to investment companies accounts in a way that not adding new burdens on customers. NIC could define the violating projects and in its turn had forwarded official abiding letters to the licensing PICs to urge these projects managements to abide by restrictions otherwise they will be subject for legal prosecution.
• Branches of state banks (financers of NIC licensed housing projects including Bismayah project) are fully committed to receive monthly dues from customers who contracted prior to the last devaluation of Iraqi dinar according to 1200 exchange rate, and those who contracted after devaluation shall pay according to CBI bulletin.

• Housing projects financed by private banks and private sector companies must be committed to adopt legal exchange rate announced by CBI according to the informative letters of the General Secretariat of Ministers’ Council and NIC.