Intelligence information: $70 million is smuggled daily by land through the region
[ltr]2023.02.05 - 13:46[/ltr]
[ltr]2023.02.05 - 13:46[/ltr]
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Baghdad - people
Two of Al-Sudani's advisors told the British "Middle East Eye" website that intelligence indicates that dollar smuggling operations have recently grown by land through the Kurdistan region, and from there to Turkey or Dubai.
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The Qatari-funded website mentioned in a report followed by "NAS" (February 5, 2023) that "the Iraqi government, in response to the growth of smuggling, has set up several new checkpoints equipped with sonar devices along the road from Baghdad to Kurdistan."
Meanwhile, security forces have launched a campaign to track down currency dealers and middlemen who buy and sell dollars on the black market.
Security sources said that many of them have already been arrested during the past few days.
And the report added, "This has alarmed the exchange offices, which get a fixed daily share of the dollar auction." Almost all of them have stopped selling dollars except to known clients for fear of arrest.
He pointed out that similarly, WhatsApp and Viber groups that were used to request dollars from private banks and brokers were deleted out of concern that they could be hacked or compromised, security and financial sources told MEE.
And the website report added, "Despite this, at least $70 million is smuggled daily from Iraq through the Kurdistan region, according to Iraqi bankers and officials."
The owner of an exchange company involved in smuggling dollars told the site, "His work is only: Frankly, all this harassment by the security services exacerbated the severity of the crisis and revived our work."
He added, "The profits that we are making now in return for providing the required dollars for merchants and owners of capital, whether in Dubai or Turkey, have multiplied dozens of times over the past few weeks."
He continued, "We do not ask any questions and the merchant or the customer does not want to answer any questions related to him or his money, and that is why they turn to us. All they have to do is make a phone call and send their Iraqi money. Sooner or later, that's it."
Brokers are now buying dollars from these exchange companies and transporting them overland to Kurdistan.
Three owners of exchange and financial brokerage firms and Iraqi officials said that a group of influential local officials and politicians take these dollars through the Ibrahim al-Khalil border crossing into Turkey.
Smuggling dollars or washing dinars?
Owners of exchange and brokerage firms told MEE that the cost of transferring money abroad has increased one and a half times over the past week, as the process has become "more difficult and more expensive".
The sources said that the fees are taken by brokers who get cash from Iraq no more than $15,000 per million dollars.
But according to three owners of money exchange and brokerage firms and two bankers, it costs $184,000 to exchange $1 million in a deal to get that money out of Iraq — far more than the local rate.
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