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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


    An expert explains the path of "distortion" of the exchange and trade system in Iraq, leading to the

    Rocky
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    An expert explains the path of "distortion" of the exchange and trade system in Iraq, leading to the Empty An expert explains the path of "distortion" of the exchange and trade system in Iraq, leading to the

    Post by Rocky Sat 11 Feb 2023, 5:59 am

    An expert explains the path of "distortion" of the exchange and trade system in Iraq, leading to the "dollar crisis" - Urgent
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    Baghdad today - Baghdad
    Today, Saturday, an economist identified problems in the exchange and trade system in Iraq that led to a decline in the value of the Iraqi dinar against the US dollar, and thus an economic crisis and high prices.
    Nabil Al-Tamimi told (Baghdad Today) that "the effects of the problems of the exchange and trade system appeared in Iraq when the US Federal Reserve imposed its conditions that require adherence to international standards for conducting transfers from Iraq to different cities around the world."
    He added, "Most trade practices in Iraq adopt primitive methods, as small merchants who represent the majority of merchants use traditional methods in conducting their remittances through direct and monetary communication with exchange offices and remittance offices."
    And he continued, "These offices collect remittance money without asking merchants for any documents related to his trade or the reasons for his transfer of money, then they are collected and purchased remittance services from private banks, which in turn ask the central bank for requests to strengthen their balances in correspondent banks outside Iraq that provide the central bank with formal and fictitious documents." forged for the purpose of passing those transfers.”
    Al-Tamimi pointed out that "this matter has been going on for nearly 20 years, which has led to a clear distortion in the import data and many suspicions about passing transfers that may include deals for money laundering and financing terrorist groups, and this is the origin of the US Federal objection, in addition to that these funds may It is passed on to groups sanctioned by the US Treasury Department.
    He explained that "such paths in the existing commercial and banking system in Iraq lead to the existence of additional episodes that cause banking and non-banking parties to benefit from the multiplicity of those episodes and their monopoly."
    He pointed out that "this mechanism leads to an increase in the cost of remittances, which is reflected in the cost of imported goods and services, and also restricts any government measure to control Iraq's trade balance and the extent of its control over it due to the loss of data on the nature of existing trade and the ability of the Iraqi state to control it."
    The US authorities imposed strict control on transactions and transfers in dollars from Iraq and reduced the access of Iraqi banks to this currency, which led to a devaluation of the Iraqi dinar in front of them before the current government headed by Muhammad Shia al-Sudani adjusted the exchange rate to be 1,300 dinars against one dollar.
    Al-Sudani stresses that his government places economic reform at the top of its priorities.
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