Iraqi investors in Iran ... large losses lead to the closure of their businesses

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Iraqi investors in Iran ... large losses lead to the closure of their businesses


On August 7, the United States imposed new economic sanctions on Iran, which led to the deterioration of the Iranian economy after the devaluation of its currency to very high levels and high inflation, which negatively affected Iraqi investors inside Iran.
Iraqi investors in Iran have suffered huge losses following the fall of the Iranian currency, but the Iraqi government refuses to disclose the number and size of their investments. In particular.
"We have had several meetings with Iraqi businessmen living in Iran to see the damage they have done after the Iranian sanctions. The investor, Saad al-Zaidi, said:" I put an amount of $ 100,000 in one of the Iranian banks, as a fixed deposit for one year may not be withdrawn in exchange for Annual interest rate of 15%, "adding that" the Iranian currency is beginning to collapse in a very scary form, and Iranian banks are preventing me from giving my money in dollars, but in their local currency. "
"The $ 100,000 that I deposited last year is now worth about $ 50,000," he said. "Thousands of Iraqis have worked like me and now they have lost more than half of their capital."
Iraq's 40-year-old Iraqi leader, Jalal Hashim, 40, set up a tourist company in Iran 10 years ago to bring Iranians to Iraq to visit Shiite shrines in Najaf, Karbala, Baghdad and Samarra. .
"The tourist company has been closed for three months. Iran paid $ 500, which is equivalent to two million Iranian riyals two years ago, but now it will have to pay 5 million riyals," Hashim said by phone. "The amount of 5 million riyals is very large Iranians, because of the inflation that is rising day after day. "
He added that "the tourism sector inside Iraq almost halting the reliance on religious tourism by 95%, because about 5 million Iranian visitors were going to Iraq annually, and now this number has fallen to a large extent because of the increase in poverty," asserting that "the owners of Iraqi hotels in the regions Religious people have been hit hard by the lack of Iranian visitors. Some of them say that some of them closed their hotels and lay off their employees, because you could not provide their employees' salaries. "
Iraq depends on the second place on the Iranian goods, after Turkey, as the non-oil trade between Iraq and Iran last year $ 6 billion, while the exchange of oil $ 10 billion.
The markets of the mainly Shiite province of Basra in southern Iraq have been depressed by Iranian authorities allowing Iraqis to enter the two towns of Abadan and Hamra, without a visa for shopping, taking advantage of the collapse of the Iranian currency.
"The markets in Basra have suffered a recession now, as the people are shopping from the cities of Abadan and the Iranian cities, benefiting from the licenses of goods," said Ali Karim, 35, a food vendor in Basra province. "The Iraqi authorities are watching the collapse of economic conditions in Basra , Without doing anything or apply tariffs on their goods. "
He added that "the goods sold in all of Iraq is high and quality is very poor, and this is because of the corruption of traders, so the Iraqi had to go to the cities of Iran and the purchase of daily needs," asserting that "one kilo of meat inside Iraq at $ 12, while buying from Iran at the price $ 5, causing the emigration of Almtbakin from Iraq to Iran. "
The head of the Federation of Chambers of Commerce in Iraq, Jaafar al-Hamdani, denies the presence of Iraqi investments inside Iran. "The Federation of Chambers of Commerce has not yet received instructions from the government regarding the economic sanctions imposed on Iran," he said.
The financial adviser to the Prime Minister, Dr Mohamed Saleh, stressed the need for Iraq to comply with the economic sanctions imposed on Iran, to avoid any decision of the United States of America regarding non-compliance with sanctions.
He added that "former US President George W. Bush and then President Barack Obama until 2013, were granting the accounts of the Central Bank of Iraq legal immunity under an executive order issued annually, based on the US emergency laws," adding that "Iraq's failure to comply with sanctions on Iran with no As it was before, could expose the Federal Reserve's Federal Reserve account to a freeze. Iraq had been exposed to this in the 1990s and was very damaging to the Iraqi people. "
A large number of Iraqi economists expect to increase the smuggling of the dollar from Iraq to Iran after the end of the treasury in the coming period, through banks and Lebanese, Syria, despite the announcement by the Central Bank of Iraq not deal with the dollar with Iran since the era of former US President Obama.


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