Established in 2006 as a Community of Reality

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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.

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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


    A citizen in need of dollars can only find it with speculators

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

    A citizen in need of dollars can only find it with speculators Empty A citizen in need of dollars can only find it with speculators

    Post by Rocky Tue 28 Feb 2023, 6:12 am

    [size=38]A citizen in need of dollars can only find it with speculators[/size]


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    February 28, 2023[You must be registered and logged in to see this link.]
    Baghdad / Obelisk: Iraqi citizens complain about the inconsistency of dealing in dollars through private banks, which forces them to wait for hours without a breakthrough.
    The Central Bank authorized the sale of dollars to citizens at the official rate, by a number of private banks, within the monthly quota of 7 thousand and 500 dollars.
    Accusations are leveled at currency dealers of acquiring citizens' shares in agreement with banks.
    The exchange rates of the dollar have stabilized in the local markets. The selling prices were recorded at 152,500 dinars per 100 dollars, while the purchase prices were recorded at 152,000 dinars per 100 dollars. And the bank decided, earlier, to adjust the exchange rate of the dollar against the dinar, as the price of buying a dollar from the Ministry of Finance reached 1,300 dinars per dollar and sold it at 1,310 dinars per dollar to banks through the electronic platform, and it is sold from banks to the final beneficiary at a price of 1320.
    Speculators are active through the black market for the dollar, which has kept the exchange rate of the dollar high in the parallel market, with a difference of up to 200 dinars from the official rate.
    The bank launched a second package of reforms to push the dollar to decline closer to the official rate, and focused on facilitating trade financing from China through the electronic platform, as well as facilitating money transfers to the United States and Europe, as well as facilitating citizens’ transfer of funds through international companies (Western Union and Money Gram). And for multiple purposes.
    However, banks complain about the difficulty of obtaining dollars, and the delay in disbursing funds, which reaches a period ranging from 10 to 14 days from the date of submission of the request, and in limited quantities that do not exceed 100 thousand dollars per request and do not exceed 200 thousand dollars per month and do not cover the market need.
    The economic advisor, Ziyad Al-Hashemi, expects that if banks, companies, and merchants fail to adapt to the requirements of external transfer controls, the dollar exchange rate will continue to rise, indicating that the continued support of the dinar from falling costs the Iraqi treasury millions of dollars per month.
    Journalist Ali Al-Azzawi believes that the Iraqi government must provide teams and committees to follow up the exchange rate of the dollar in private and governmental banks and monitor merchants and market owners who exploit this situation under the pretext of the rise of the dollar, calling for strict penalties to control the economic situation in markets and banks.
    Activist Aziz talks about private banks that have fake companies that withdraw the dollar from the currency auction, go to the black market, and flee outside Iraq under the pretext of importing from fake companies that do not exist.
    The continued work of speculators leads to confusion in the market, in addition to the underdevelopment of monetary instruments in Iraq, as the interest rate was not well invested, and the bonds offered are also ineffective, and even compulsory saving is not considered an appropriate option at the present time as a result of the problems arising due to a “living crisis” caused by On the mismanagement that accompanied the process of changing the previous exchange rate, which led to the citizen losing about 50% of his real income, according to the economist, Dr. About 77% of the total currency issued, pointing out that this matter needs real education and hard work by banks.
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