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[size=38]Zain Iraq sells dollars at the black market rate[/size]
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March 2, 2023[You must be registered and logged in to see this link.]
Baghdad / Obelisk: Zain Iraq Telecom Company violates the dollar exchange rate approved by the Central Bank of Iraq.
According to local Iraqi agencies, Zain Iraq has committed breaches through its hawala service known as (Zain Cash), which it launched in 2018 in Iraq.
Zain used the electronic application (Zain Cash) for electronic money transfers through the American broker Western Union, by selling US dollars to users of the money transfer service at black market exchange rates.
This illustrates the company's deliberate disregard for the official government pricing imposed on public and private institutions for the exchange rate, previously set at 1,300 Iraqi dinars per dollar, to use black market exchange rates instead, incurring additional costs for users, as well as violating the instructions of the Central Bank of Iraq.
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