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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

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    Conscientious / Al-Sudanese confirms the occurrence of fraudulent dollar transfers outside Iraq

    Rocky
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    Conscientious / Al-Sudanese confirms the occurrence of fraudulent dollar transfers outside Iraq Empty Conscientious / Al-Sudanese confirms the occurrence of fraudulent dollar transfers outside Iraq

    Post by Rocky Wed 01 Feb 2023, 6:17 am

    [size=32]Conscientious / Al-Sudanese confirms the occurrence of fraudulent dollar transfers outside Iraq[/size]

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    Conscious / Baghdad / ZN
    The Iraqi Prime Minister, Muhammad Shia al-Sudani, confirmed on Tuesday evening that fraudulent transfers of dollars abroad had taken place, indicating that this matter was revealed by the start of implementing regulations that sponsor financial transfers in a step that coincided with the decline in the value of the dinar against the dollar.
    During the past two months, the Iraqi dinar lost more than 10% of its value against the green currency, which led to sporadic demonstrations protesting the decline in the purchasing power of citizens.
    And on Tuesday, the price of the dollar in the market reached 1,680 dinars, while its official price is still the same at 1,470 dinars.
    Analysts and officials attribute this decline in the value of the national currency to the Iraqi banking system's compliance with international regulations related to money transfer.
    It has become imperative for Iraqi banks to make these transfers through the electronic “Swift” platform, which allows the US Central Bank, in particular, to monitor these transfers.
    During the interview conducted with him by the official Al-Ekhbariya TV channel, and followed by (Iraqi Media News Agency / INA), Al-Sudanese touched on this mechanism, considering it a tool to achieve “real reform of the banking system, the economic system, to preserve public money and prevent it from smuggling and money laundering.”
    The prime minister explained that the smuggling of currency abroad was done through transfers, which were carried out on the basis of forged invoices for imports whose prices were inflated.
    He said that smuggling was done through "false bills, and the money was coming out and being smuggled, and this is a reality, otherwise what would we have imported for $300 million a day?"
    He added, “What does it mean that we were importing goods worth $300 million per day? Inevitably, this money was coming out of Iraq, and this has been a chronic problem for years.”
    The Prime Minister inferred the existence of smuggling by saying that before the implementation of the “Swift” system, the Central Bank of Iraq used to sell merchants quantities of green currency many times more than what it sells to them today, and yet there are no missing goods in the markets today.
    Iraq suffers from chronic corruption that undermines the public administration and the entire economy.
    He said, “Before, we used to sell $300 million, $200 million, $250 million per day. Now, the central bank sells 30, 40 or 50 million dollars daily, and what has changed, what has been lost in the market, nothing.
    Al-Sudani continued: “So, where did the money that comes out go? All with fake invoices. There are commodities that they enter at irrational prices, and it is clear that the aim is to get the currency out of Iraq. This matter must stop.”
    The Prime Minister confirmed that his government had formed "specialized security teams" to detect smugglers and seize smuggled funds.
    He added, “We hear that money is being smuggled into the Kurdistan region, and from the region it goes to neighboring countries,” without specifying whether he meant Turkey, Iran or Syria mired in war.
    Al-Sudani said, “The financial situation in Iraq today is at its best, because merchants and businessmen are accustomed to correct and legitimate trade.”
    The Prime Minister confirmed that Foreign Minister Fuad Hussein and the new governor of the Central Bank will be among the delegation, which will go to Washington on February 7 to discuss the exchange rate mechanism and its fluctuations.
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