Foreign Payments and Collections in Dinars

The Law on Foreign Currencies allows firms from abroad to open dinar accounts at our banks. This option is allowed to the foreign firms’ representative offices, too, which are also non-residents, pursuant to the Law. In terms of performing payments and collections with the non-residents, it is important to know that payments in dinars cannot be done directly, as with the domestic legal entities, but to perform them via the Bank. In terms of foreign trade, all foreign trade business should be entered into foreign trade business controller. Also, it is necessary to open a foreign account so that we can credit the transaction in the foreign payments application. Should you have any problems, please contact us know and we will do the job together.