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[size=36]A refrigerator for $4,800 and oil for $25.. The Sudanese reveals the methods of smuggling the currency and its impact on the exchange rate[/size]
political| 09:32 - 12/19/2022
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Baghdad - Mawazine News
, Prime Minister Muhammad Shia Al-Sudani revealed, on Monday, ways to smuggle hard currency out of Iraq and its impact on the rise in the exchange rate of the dollar.
Al-Sudani said in a press conference held after the cabinet session, which was attended by Mawazine News, that "recently there has been a clear increase in dollar prices against the dinar in the local markets and foreign remittances. The central bank, the body concerned with monetary policy in the country, explained that the reason is due to a group of factors." Including the bank’s direct operation of the electronic platform in which banks raise requests to increase their customers to the bank.
And he added, “The Central Bank started building this platform months ago, in coordination with international bodies, for the purpose of provisions and regulation of the window for buying and selling foreign currency, and to ensure effective control over it. Transfers go to imported goods at real prices, and it is quite clear that this mechanism does not exist, there are fake companies and there are exaggerated prices, so these transfers were rejected by the intermediary banks.
And he continued, "Some of the remittances that were rejected are proven in the form of the purchase document, buying a refrigerator at a price of 4,800 dollars, and a liter of oil is fixed at a price of 25 dollars. This inflation of prices is in order to get the dollar out of Iraq, and the government is monitoring the bank's policy in this direction and in a way that guarantees market stability, especially what relating to foodstuffs.
And between: "We can assure everyone that the government has control over securing foodstuffs through the items of the ration card and even flour, as well as by controlling the prices of the local market, and we asked the Central Bank to take quick steps to compensate for the shortfall in the dollar currency that occurred in the markets by facilitating its provision." For travelers and students for those who want to transfer.
And he stated, “The Board of Directors of the Central Bank took several decisions, including an encouraging decision to reduce the price of the dollar against the dinar for importers to cover the opening of documentary credits from 1455 dinars instead of 1460, and the bank took measures related to diversifying foreign transfers, credits and transfers in a basket of foreign currencies in addition to the dollar to cover imports, It will be announced at the time, and the bank decided to reduce the exchange rate for the dollar for electronic payment cards from 1470 dinars to the dollar to 1455, and the Central Bank took an important decision to open outlets for selling the dollar and implement commercial transfers to importers through government banks, and this pours into the issue of controlling prices.
And he continued: "We directed the Ministry of Commerce to facilitate the procedures for issuing import licenses, and we also directed the Ministry of Finance to initiate urgent reform procedures in the customs and tax system at the border crossings, while taking measures to eliminate the fears of some importers of the possibility of tax arbitrariness, and today we have a decision of the Council of Ministers in this regard." Ended 29 / h
, Prime Minister Muhammad Shia Al-Sudani revealed, on Monday, ways to smuggle hard currency out of Iraq and its impact on the rise in the exchange rate of the dollar.
Al-Sudani said in a press conference held after the cabinet session, which was attended by Mawazine News, that "recently there has been a clear increase in dollar prices against the dinar in the local markets and foreign remittances. The central bank, the body concerned with monetary policy in the country, explained that the reason is due to a group of factors." Including the bank’s direct operation of the electronic platform in which banks raise requests to increase their customers to the bank.
And he added, “The Central Bank started building this platform months ago, in coordination with international bodies, for the purpose of provisions and regulation of the window for buying and selling foreign currency, and to ensure effective control over it. Transfers go to imported goods at real prices, and it is quite clear that this mechanism does not exist, there are fake companies and there are exaggerated prices, so these transfers were rejected by the intermediary banks.
And he continued, "Some of the remittances that were rejected are proven in the form of the purchase document, buying a refrigerator at a price of 4,800 dollars, and a liter of oil is fixed at a price of 25 dollars. This inflation of prices is in order to get the dollar out of Iraq, and the government is monitoring the bank's policy in this direction and in a way that guarantees market stability, especially what relating to foodstuffs.
And between: "We can assure everyone that the government has control over securing foodstuffs through the items of the ration card and even flour, as well as by controlling the prices of the local market, and we asked the Central Bank to take quick steps to compensate for the shortfall in the dollar currency that occurred in the markets by facilitating its provision." For travelers and students for those who want to transfer.
And he stated, “The Board of Directors of the Central Bank took several decisions, including an encouraging decision to reduce the price of the dollar against the dinar for importers to cover the opening of documentary credits from 1455 dinars instead of 1460, and the bank took measures related to diversifying foreign transfers, credits and transfers in a basket of foreign currencies in addition to the dollar to cover imports, It will be announced at the time, and the bank decided to reduce the exchange rate for the dollar for electronic payment cards from 1470 dinars to the dollar to 1455, and the Central Bank took an important decision to open outlets for selling the dollar and implement commercial transfers to importers through government banks, and this pours into the issue of controlling prices.
And he continued: "We directed the Ministry of Commerce to facilitate the procedures for issuing import licenses, and we also directed the Ministry of Finance to initiate urgent reform procedures in the customs and tax system at the border crossings, while taking measures to eliminate the fears of some importers of the possibility of tax arbitrariness, and today we have a decision of the Council of Ministers in this regard." Ended 29 / h
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