[size=30]An American report reveals the details of the electronic system for the exchange of dollars for the Iraqi customer
[ltr]2023.03.05 - 10:05[/ltr]
[/size]
[ltr]2023.03.05 - 10:05[/ltr]
[/size]
[You must be registered and logged in to see this image.]
Baghdad - people
A report by the American newspaper "The New York Times" dealt with the unintended "difficulties" and "great suffering" caused by ordinary Iraqis from the country who intend to travel outside Iraq and need dollar currency, resulting from the recent banking procedures and provisions that the United States and Iraq followed to limit From the illegal leakage of hard currency to criminal beneficiaries outside the country and from those accused of money laundering,
[You must be registered and logged in to see this link.]
Pointing out that the demand for the dollar has increased and that the cost of buying it in Iraqi dinars has risen at some of the local currency dealers.
The following is the text of the report:
Long queues of Iraqis who plan to travel outside the country form in the early hours of the day outside the exchange shops, carrying bags full of Iraqi currency with them. These days, it is difficult to find an exchange shop that has remaining dollar balance, and the shops that have balance run out early.
Abu Ali, the owner of a money exchange shop in the Karrada area, says, "I have no dollars left."
The new provisions, which were applied by agreement between the United States and Iraq, require more transparency regarding bank transfers of dollar currency from the Iraqi reserve account for currency deposited with the Federal Reserve Bank in New York.
These provisions came into force late last year, and are part of a long-awaited plan to modernize Iraq's financial system as it begins to comply with provisions that most countries follow and adapt to provisions requiring greater transparency in international money transfers.
However, some Iraqi merchants and others who used to pay in dollars via international transfers did not like this procedure or they were unable to implement the requirements of transparency, and for this they resorted to exchange shops, causing a great demand for the dollar in the Iraqi street and its high price against the dinar.
Every day, the Central Bank of Iraq facilitates financial transfers from its account at the Federal Bank in New York for the benefit of Iraqi merchants and people to pay the prices of goods imported from outside Iraq. Money transfers are important because few commercial entities have international bank accounts.
On the other hand, a share of the hard currency is sent in cash to the Central Bank of Iraq, which goes to exchange shops and banks, and is disbursed in large part to Iraqis who intend to travel abroad.
Until the day when these provisions were implemented, American officials were unable to track the course of financial transfers of hard currency and whether they ended up with parties that were originally included in the economic sanctions lists.
According to the new provisions, it requires persons or companies that request money transfers for dollar currency to reveal their identity and return and the identity of the party or persons that will receive the money, and then the information is reviewed by an electronic system as well as by experts in the Central Bank of Iraq and the Federal Bank in New York before The transfer is being disbursed.
The Iraqi economist, Ahmad al-Tabaqjali, head of the Asian Union Fund for Iraq, says that the new system allows banks around the world to conduct electronic checks on remittances issued from Iraq to other countries.
Tabaqjali adds, "In short, this banking system makes it easy to detect suspicious cases."
The financial advisor to the Iraqi government, Mazhar Salih, says that many requests are now rejected, noting that sometimes questionable identities are the reason, and at other times the reason is that many Iraqi merchants do not have the required licenses to import goods or that they are not legally registered. They are commercial entities and therefore constitute a breach of Iraqi law. Salih added that these refusals created an increased demand for the dollar at the Iraqi exchange shops, and its exchange rate rose significantly to Iraqis who have a legitimate need for it.
Since 2003, there are two rates for the exchange rate of the dollar against the Iraqi dinar. There is the official rate set by the central bank and an unofficial rate for the black market and is often higher. When there is a scarcity of the dollar currency, its price increases on the black market in exchange shops.
The differences between the two prices create difficulties for the Iraqis, as happened to the woman, Jannah, who is a mother of four children. She says she is saving money to buy a $250 refrigerator.
In October, it cost 320,000 dinars in Iraqi dinars, but today, due to the scarcity of the dollar, its price has risen to 375,000 dinars, and she says, "The new price is beyond my purchasing power." According to Central Bank data on daily dollar financial transfers, the new provisions have reduced the flow of dollars into the market by approximately 65% compared to the period preceding these measures, and the daily rate of dollar sales decreased from 180 million to 67 million dollars.
Since that time, transfers began to rise, but they are still less than half of the rate they were before the implementation of the new banking system.
The report indicates that until now it is not clear exactly the extent of the decrease in illegal financial transfers.
Douglas Suleiman, president of the Gulf States Institute in Washington and former US ambassador to Iraq, says, "I cannot limit the rate of manipulation and fraud at 90%. Perhaps the rate of manipulation is 45% and another 45% is incompetence or just not knowing how to deal with the new provisions."
Translated by: Hamed Ahmed - Al-Mada
[You must be registered and logged in to see this link.]
Today at 7:35 am by Bama Diva
» utube 11/5/24 MM&C MM&C News Report-ICC-Investors-RIYADA BANK-Port of Faw-3 Presidents Seated-Removi
Today at 6:52 am by Rocky
» utube 11/2/24 MM&C Report-Iraq 3 Presidents-National-Constitutional Entitlements-Open Market Operati
Today at 6:51 am by Rocky
» With the document.. Cancellation of the suspension of the agricultural plan in the Iraqi "breadbaske
Today at 5:13 am by Rocky
» Economist criticizes government's neglect of tourism, agriculture and dependence on oil
Today at 5:12 am by Rocky
» Al-Sudani: The development path will be an artery linking most countries in the region
Today at 5:11 am by Rocky
» Parliamentary bloc: Popular Mobilization Forces retirement law ready for voting
Today at 5:10 am by Rocky
» Al-Kadhimi: Financial costs and government insistence will force Americans to withdraw militarily
Today at 5:09 am by Rocky
» Parliamentary Committee Rejects Inclusion of Public Money Thieves in Amnesty Decision
Today at 5:08 am by Rocky
» Al-Mashhadani directs to resolve differences over draft laws before submitting them to Parliament
Today at 5:07 am by Rocky
» Emaar: Launching the housing loan application form in early 2025
Today at 5:04 am by Rocky
» Parliamentary Health: The environment needs 2.6 billion dinars to operate air purification stations
Today at 5:03 am by Rocky
» Al-Sudani: We faced major challenges in implementing the “Greater Iraq” project
Today at 5:02 am by Rocky
» Iraqi Ports reveals in numbers the percentage of completion in the Grand Faw Port projects
Today at 5:00 am by Rocky
» More than $300 million.. Central Bank sales increase in today's auction
Today at 4:59 am by Rocky
» Faw Port prepares to receive the first commercial ship
Today at 4:57 am by Rocky
» Service Effort of {Sabah}: Completing all projects with high implementation rates before the end of
Today at 4:57 am by Rocky
» Government agency for digital transformation
Today at 4:55 am by Rocky
» Parliamentary Committee: Final version of the National Day Law
Today at 4:54 am by Rocky
» Al-Imar to {Sabah}: Launching the housing loan application form at the beginning of 2025
Today at 4:53 am by Rocky
» Iraq looks forward to a new phase after Trump's victory
Today at 4:52 am by Rocky
» Training workshops to help the unemployed in Kirkuk
Today at 4:51 am by Rocky
» Nineveh to open oncology hospital in early 2025
Today at 4:50 am by Rocky
» Service Effort: Completion of all projects that exceeded 80% completion rates.
Today at 4:49 am by Rocky
» Parliamentary Health: The environment needs 2.6 billion dinars to operate air purification stations
Today at 4:48 am by Rocky
» Transportation: 20 public transport lines to be launched this month
Today at 4:47 am by Rocky
» Al-Emaar to {Al-Sabah}: Launching the housing loan application form in early 2025
Today at 4:46 am by Rocky
» The most prominent achievements of Al-Sudani's government in the youth care and sports sector files
Today at 4:45 am by Rocky
» Planning: The percentage of women in the workforce does not exceed 13 percent
Today at 4:43 am by Rocky
» Baghdad is the capital of Arab tourism
Today at 4:42 am by Rocky
» Al-Sudani: The Grand Faw Port is Iraq's largest project
Today at 4:39 am by Rocky
» Parliamentary Foreign Affairs Committee to NINA: This is what is delaying the selection of the list
Today at 4:38 am by Rocky
» Parliamentary lawsuit to challenge the contract with the International Finance Corporation
Today at 4:37 am by Rocky
» Minister of Justice issues directive regarding foreign lawsuits file
Today at 4:35 am by Rocky
» How will Trump's victory affect Iraq?
Today at 4:33 am by Rocky
» State Administration Coalition holds meeting with Al-Sudani and Al-Mashhadani in attendance
Today at 4:31 am by Rocky
» Formation of the regional government.. How much influence does the new US administration have on the
Today at 4:30 am by Rocky
» Al-Sudani announces the receipt of the five berths that represent the backbone of Al-Faw Port
Today at 4:29 am by Rocky
» Despite its global rise... Iraqi oil returns to the red zone
Today at 4:27 am by Rocky
» Iraq Counts on the Grand Faw Port, and an Expert Says: It Will Change the Economy - Urgent
Today at 4:25 am by Rocky
» Rafidain Bank expands comprehensive banking system to include 48 branches
Today at 4:23 am by Rocky
» "The reference" indicates the seriousness of the situation... and the political forces "shuffle the
Today at 4:22 am by Rocky
» Criminal wanted by Iraqi judiciary.. Rashid and Al-Sudani’s congratulations to Trump spark widesprea
Today at 4:21 am by Rocky
» State Administration Coalition holds meeting with Al-Sudani and Al-Mashhadani in attendance
Today at 4:19 am by Rocky
» Parliamentary Security and Defense: There are “fake” security companies run by “suspicious” figures
Today at 4:18 am by Rocky
» Fares Issa meets the Czech Ambassador to Iraq
Today at 4:17 am by Rocky
» Al-Sudani issues several directives to lift the ban on Iraqi Airways
Today at 4:16 am by Rocky
» Makkia: Iraq is heading towards a major investment marathon
Today at 4:14 am by Rocky
» Al-Fatlawi: The population census enumeration and numbering process exceeded 98% throughout Iraq
Today at 4:13 am by Rocky
» Ministerial Council: Talk of using Iraqi territory as a launching pad for false pretext attacks
Today at 4:12 am by Rocky
» Türkiye: Our relationship with Iraq is witnessing positive development and we are keen to strengthen
Today at 4:10 am by Rocky
» Basra Gas Company announces the return of production and export operations to normal
Today at 4:08 am by Rocky
» Former Minister Reveals “Exciting” Details Concerning Leaks... What’s the Story of the Electronic Fl
Today at 4:05 am by Rocky
» Al-Sudani receives the five berths of Al-Faw Port from the Korean company
Today at 4:02 am by Rocky
» Implementation of judicial memoranda of understanding on the table of the meeting between Faeq Zidan
Today at 4:01 am by Rocky
» List of dollar prices in Iraqi markets today, Thursday
Today at 3:59 am by Rocky
» It will include smaller areas and eliminate the sponsor.. Insistence on legislating the “Housing Fun
Today at 3:58 am by Rocky
» Prime Minister: We are facing a new Iraq and the path of development will be an artery linking most
Today at 3:56 am by Rocky
» Completion rates have increased fivefold in two years.. “Amazing” information and scenes from Al-Faw
Today at 3:54 am by Rocky
» Central Bank: Importance of cooperation and money transfer to facilitate trade with Azerbaijan
Yesterday at 7:19 am by Rocky
» Iraqi Businesswomen Council: A safe environment to support women’s entrepreneurship and develop skil
Yesterday at 7:15 am by Rocky
» Economist: The value of the dinar will decrease and the financial deficit will increase
Yesterday at 7:12 am by Rocky
» American website: Iraq's budget suffers from a deficit of $49.3 billion
Yesterday at 7:11 am by Rocky
» Good news for journalists and writers.. The "financial grant" will be launched on this date
Yesterday at 7:09 am by Rocky
» Iraq is the third Arab country in gold reserves
Yesterday at 7:06 am by Rocky
» Wanted by Iraqi judiciary.. An "Iraqi-American" diplomatic crisis with Trump's victory in the US pre
Yesterday at 7:04 am by Rocky
» Central Bank of Iraq sells more than $280 million in auction today
Yesterday at 6:59 am by Rocky
» Trump's victory... will it be a lifeline from the "judicial guillotine"?
Yesterday at 6:57 am by Rocky
» After winning the presidential race, Trump talks about a “strong mandate”
Yesterday at 6:57 am by Rocky
» Al-Sudani chairs meeting with IATA delegation
Yesterday at 6:54 am by Rocky
» Central Bank Governor stresses need for cooperation to facilitate trade with Azerbaijan
Yesterday at 6:53 am by Rocky
» utube 11/6/24 Donald Trump's full victory speech
Yesterday at 6:50 am by Rocky
» Deep State Confronted by Trump.. Will Elon Musk Lead America, the World and “Mars”?
Yesterday at 6:43 am by Rocky
» Alsumaria Noon Bulletin Files: Trump's Victory and Objections to the General Amnesty Law
Yesterday at 6:40 am by Rocky
» Parliamentary bloc explains reasons for demanding extension of legislative term
Yesterday at 5:11 am by Rocky
» Al-Sudani discusses with an international delegation lifting the ban on Iraqi Airways
Yesterday at 5:09 am by Rocky
» Axios: Washington warned Baghdad that Israel may attack Iraq if it does not prevent the Iranian atta
Yesterday at 5:08 am by Rocky
» Trump declares victory in US elections: I will not start wars, but I will end them
Yesterday at 5:06 am by Rocky
» Parliamentary Foreign Affairs: Trump is wanted by the Iraqi judiciary, but the country's interest co
Yesterday at 5:03 am by Rocky
» "Al-Eqtisad News" publishes the full decisions of the Cabinet session
Yesterday at 5:01 am by Rocky
» Bitcoin Hits All-Time High in Early Trading
Yesterday at 4:58 am by Rocky
» Iraq tops the list of countries importing Arab products related to construction activity
Yesterday at 4:56 am by Rocky
» 2025 Strong national economy and sound banks
Yesterday at 4:53 am by Rocky
» Government stresses the need to secure petroleum derivatives for energy production
Yesterday at 4:52 am by Rocky
» Anbar: The second phase of the electricity connection with Jordan has reached its end
Yesterday at 4:51 am by Rocky
» Iraq's gold holdings rise to more than 152.5 tons
Yesterday at 4:50 am by Rocky
» Al-Alaq stresses to Azerbaijani ambassador the importance of cooperation in transferring money to fa
Yesterday at 4:49 am by Rocky
» 7 decisions on the general population census
Yesterday at 4:47 am by Rocky
» The world awaits the new US president
Yesterday at 4:45 am by Rocky
» Sudanese demands stopping the Zionist aggression
Yesterday at 4:44 am by Rocky
» Wasit: Distribution of seeds among farmers with a support rate of 70 percent
Yesterday at 4:43 am by Rocky
» Trade: Central markets {hypermarkets} to officially open in 2025
Yesterday at 4:42 am by Rocky
» Civil Service Council: Controls for appointing land donors
Yesterday at 4:41 am by Rocky
» Baghdad Municipality: Measures to avoid damage from oil spills in the Tigris
Yesterday at 4:39 am by Rocky
» The Board of Trustees discusses a number of topics related to developing the work of the media netwo
Yesterday at 4:38 am by Rocky
» Sovereign guarantees boost labor market
Yesterday at 4:36 am by Rocky
» Mazhar Saleh: No impact of oil price drop on operating budget
Yesterday at 4:35 am by Rocky
» Iraq's share in the IMF
Yesterday at 4:35 am by Rocky
» Trump's "Historic" Victory: World Leaders Congratulate Him
Yesterday at 4:33 am by Rocky