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Established in 2006 as a Community of Reality

Welcome to the Neno's Place!

Neno's Place Established in 2006 as a Community of Reality


Neno

I can be reached by phone or text 8am-7pm cst 972-768-9772 or, once joining the board I can be reached by a (PM) Private Message.

Established in 2006 as a Community of Reality

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Established in 2006 as a Community of Reality

Many Topics Including The Oldest Dinar Community. Copyright © 2006-2020


    The Iraqi dinar is declining due to US sanctions affecting local banks

    Rocky
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    • Post n°1

    The Iraqi dinar is declining due to US sanctions affecting local banks Empty The Iraqi dinar is declining due to US sanctions affecting local banks

    Post by Rocky Tue 25 Jul 2023, 7:21 am

    [rtl][size=33]The Iraqi dinar is declining due to US sanctions affecting local banks[/size][/rtl]





    [rtl]WRITTEN BY: CAIROEDITOR[/rtl]


    • 07-24-2023




    [rtl]The exchange of the Iraqi dinar declined against the US dollar in the parallel local market transactions, in light of US sanctions against Iraqi banks, claiming violations related to the leakage of the dollar to penalized countries.
    The Wall Street Journal reported on Wednesday, quoting US officials, that Washington imposed sanctions on 14 Iraqi banks by preventing them from conducting transactions in dollars, as part of a comprehensive campaign to combat the diversion of green currency to Iran and other countries subject to sanctions in the Middle East.
    And the Central Bank of Iraq confirmed that local banks deprived of dealing in dollars constitute only 8% of the total foreign transfers.
    This morning, one of the owners of exchange shops in Baghdad told Al-Sharq, “The exchange rates of the dollar against the dinar rose remarkably, as the exchange rate recorded this morning, Monday, 154.5 thousand dinars for every 100 dollars, an increase of more than 16% from the official price, while the prices recorded yesterday, Sunday, in the parallel market 151.65 thousand dinars for every 100 dollars.”
    He explained, "The reason for the rise is due to the lack of supply of the dollar in the markets in conjunction with the increase in demand to cover commercial transactions, as well as the procedures towards the central bank's application of the electronic platform for dollar demand."
    The exchange rate of the dollar against the Iraqi dinar in exchange shops, known as the “parallel rate”, has witnessed stability during the past weeks, between 147 and 148 thousand dinars per 100 dollars, while the official rate approved by the Iraqi government is 132 thousand dinars.
    For its part, the Central Bank of Iraq confirmed, in a statement yesterday, Sunday, that it would continue to meet legitimate requests for the dollar from the official and licensed outlets by it and at the official rate set, while calling for reporting a case of paying a price higher than the official price, so that the bank account or the exchange company with the bank bears compensation for the damage from the price difference.
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