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


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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


    Officials and bankers: Traders avoid the platform and resort to the black market to secure dollars

    Rocky
    Rocky
    Rocky
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    Posts : 281327
    Join date : 2012-12-21
    • Post n°1

    Officials and bankers: Traders avoid the platform and resort to the black market to secure dollars Empty Officials and bankers: Traders avoid the platform and resort to the black market to secure dollars

    Post by Rocky Sun 05 Feb 2023, 5:26 am

    Officials and bankers: Traders avoid the platform and resort to the black market to secure dollars

    [ltr]2023.02.05 - 13:13[/ltr]


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    Iraqi officials, bankers and owners of exchange companies revealed the impact of the Central Bank's measures on the currency market and transfers.  
      
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    And the officials stated in a report to the Middle East Eye website, followed by "NAS" (February 5, 2023), that "the measures led to the reluctance of merchants and capital owners to participate in the auction to avoid revealing their identities, the purpose of the money transfers, the identity of the final beneficiary, and other sensitive information."  
      
    They added, "Instead, they resorted to the black market and other unofficial methods to obtain dollars, which led to a significant rise in the smuggling of dollars from Iraq by land, and maintained high exchange rates."  
      
    A member of the Association of Iraqi Private Banks said, according to the website, that "private banks dealt in the past with all the details of the main clients who wanted to exchange the dinar in the dollar auction.  
      
    The banker said, "The major clients do not want to reveal any information related to the sources of their money or their identities for security or financial reasons, and some do not want to waste time in routine paper procedures."  
      
    He added, "This mechanism is no longer available now, and therefore there is great reliance on the black market to secure dollars and transfer them through unofficial outlets."  
      
    And they indicated, "The process will not take more than 10 minutes, and you will find your money in dollars in a neighboring country, as long as you are willing to pay the exchange rate difference."  
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