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[size=35][size=35]A "new tactic".. An American report reveals dollar smuggling operations in Iraq[/size]
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May 9, 2023 | 02:16
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Alsumaria News - Local
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Over the past two months, more than 24 Iraqis carrying about 1,200 bank cards and in possession of more than $5 million were arrested at airports and border crossings while trying to leave the country, according to what an Iraqi official told the newspaper.
On Friday, May 5, 2023, the Iraqi authorities detained another Iraqi traveler trying to smuggle 300 bank cards inside packs of cigarettes at the international airport located in the city of Najaf, in the center of the city.[You must be registered and logged in to see this link.].
A new tactic
The official said: "This use of (bank) credit cards to smuggle dollars is a new tactic that began when the government launched its campaign."
In another similar case, a person was arrested at Baghdad airport after an employee handed him a bag containing 300 bank cards after passing a security check, according to the official.
He was[You must be registered and logged in to see this link.]For years, a cash-driven economy relied heavily on US dollar transactions, making it a significant source of illicit dollar flows to Iran and other Middle Eastern countries under Western sanctions.
In November, the US Treasury imposed W[url=https://www.alsumaria.tv/Entity/314357766/%D8%A7%D9%84%D8%A8%D9%86%D9%83 %D8%A7%D9%84%D9%85%D8%B1%D9%83%D8%B2%D9%8A %D8%A7%D9%84%D8%B9%D8%B1%D8%A7%D9%82%D9%8A/ar/]Central Bank of Iraq[/url]stricter controls on international dollar transactions carried out by Iraqi banks; In an effort to reduce money laundering and smuggling.
Due to US-led steps, the price of the dollar rose against the Iraqi dinar in the gray market, which led to an increase in demand for dollars. Where the dollar was sold for 1,750 Iraqi dinars at exchange offices during the month of February, an increase of 20% higher than the official announced price of 1,460 dinars at the time.
It is true that Iraqi citizens can hold dollars at exchange offices at the market rate, but Iraqi banks allowed depositors to issue cash cards covered by the equivalent of $10,000 at the official exchange rate, and they can be used outside the country to withdraw money in cash.
*Restrictions from the central bank
Currency traders and Iraqi officials say that in recent months, currency traders have submitted requests to extract dozens of bank cards and give them to travelers who travel to nearby countries to withdraw dollars.
Earlier this week, the Iraqi authorities said that they had detained an Iraqi who was trying to take 128 bank cards out of the country through a land border crossing with Iran.
Traders said hard currency was being sold at a premium on the gray market. They explained that some of this money is used to buy goods from abroad.
It is true that the value of money smuggled through the bank card route is small compared to what flows through the overall economy, but it shows the size of the demand for the dollar in[You must be registered and logged in to see this link.].
In response to the Iraqis resorting to this path, he imposed[url=https://www.alsumaria.tv/Entity/314357766/%D8%A7%D9%84%D8%A8%D9%86%D9%83 %D8%A7%D9%84%D9%85%D8%B1%D9%83%D8%B2%D9%8A %D8%A7%D9%84%D8%B9%D8%B1%D8%A7%D9%82%D9%8A/ar/]Central Bank of Iraq[/url]Restrictions on withdrawals from bank cards, to $ 250 per day for each card, which makes the process of withdrawing the total cash in one card takes a long time.
"Profitable Opportunities!"
In turn, he said[url=https://www.alsumaria.tv/Entity/4279974382/%D8%B9%D9%84%D9%8A %D9%85%D8%AD%D8%B3%D9%86 %D8%A7%D9%84%D8%B9%D9%84%D8%A7%D9%82/ar/]Ali Mohsen Al-Alaq[/url], conservative[url=https://www.alsumaria.tv/Entity/314357766/%D8%A7%D9%84%D8%A8%D9%86%D9%83 %D8%A7%D9%84%D9%85%D8%B1%D9%83%D8%B2%D9%8A %D8%A7%D9%84%D8%B9%D8%B1%D8%A7%D9%82%D9%8A/ar/]Central Bank of Iraq[/url]“The greater the difference between the official exchange rate and the market exchange rate, the more parties find profitable arbitrage opportunities.” He added that the move to impose a daily withdrawal limit would put an end to these opportunities.
As he said[url=https://www.alsumaria.tv/Entity/3959118278/%D8%B9%D8%A8%D8%AF %D8%A7%D9%84%D8%B1%D8%AD%D9%85%D9%86 %D8%A7%D9%84%D9%85%D8%B4%D9%87%D8%AF%D8%A7%D9%86%D9%8A/ar/]Abdul Rahman Al-Mashhadani[/url]Professor of International Economic Relations b[url=https://www.alsumaria.tv/Entity/1181762933/%D8%A7%D9%84%D8%AC%D8%A7%D9%85%D8%B9%D8%A9 %D8%A7%D9%84%D8%B9%D8%B1%D8%A7%D9%82%D9%8A%D8%A9/ar/]Iraqi University[/url], The central bank's move succeeded in reducing the flow of dollars abroad through this path, but it did not succeed in preventing it completely. "Currency traders are still doing it," he said. "Money is still coming out of the country."
Al-Mashhadani explained that currency dealers, in one of the tricks used to bypass the restrictions, bought a large group of airline tickets to obtain dollars. Iraqis are allowed to convert dinars into dollars in private banks and money changers to cover travel expenses, as long as they have airline tickets showing that they plan to travel outside the country, according to the newspaper.
It is mentioned that[url=https://www.alsumaria.tv/Entity/314357766/%D8%A7%D9%84%D8%A8%D9%86%D9%83 %D8%A7%D9%84%D9%85%D8%B1%D9%83%D8%B2%D9%8A %D8%A7%D9%84%D8%B9%D8%B1%D8%A7%D9%82%D9%8A/ar/]Central Bank of Iraq[/url]He raised the amount of money transferred to cover travel expenses from $5,000 to $7,000 last February, but reduced the amount to only $2,000 in March; To curb the airline ticket buying spree.
The exchange rate in the gray market has declined to about 1,410 dinars per dollar in recent weeks, compared to the official exchange rate of 1,320 dinars now. Wire transfers from Iraqi banks have also increased, indicating that Iraqis are adapting to the stricter rules.
In the Iraqi port of Umm Qasr, overlooking the Gulf, container unloading almost stopped last April, because many importers, accustomed to lax application of import rules, lacked the documents necessary to release their dollar-bought goods from customs, according to[url=https://www.alsumaria.tv/Entity/759561752/%D8%AD%D9%85%D9%8A%D8%AF %D8%A7%D8%A8%D9%88 %D9%81%D8%A7%D8%B7%D9%85%D8%A9/ar/]Hamid Abu Fatima[/url], an agent. Customs clearance at the port.
"The merchants did not have the appropriate documents, which led to the accumulation of cargo containers in the port and the workers almost stopped," Abu Fatima said. He added that the subsidies were eased recently after importers adapted to the new rules, and officials eased enforcement of the rules.
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May 9, 2023 | 02:16
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Alsumaria News - Local
The American newspaper The Wall Street Journal said that local currency dealers in Iraq find it difficult to access the dollar, due to the attempts made by the United States to prevent the illegal flow of dollars to Iran, and then they resort to traveling to nearby countries with piles of cards banking; To withdraw hard currency there.
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Over the past two months, more than 24 Iraqis carrying about 1,200 bank cards and in possession of more than $5 million were arrested at airports and border crossings while trying to leave the country, according to what an Iraqi official told the newspaper.
On Friday, May 5, 2023, the Iraqi authorities detained another Iraqi traveler trying to smuggle 300 bank cards inside packs of cigarettes at the international airport located in the city of Najaf, in the center of the city.[You must be registered and logged in to see this link.].
A new tactic
The official said: "This use of (bank) credit cards to smuggle dollars is a new tactic that began when the government launched its campaign."
In another similar case, a person was arrested at Baghdad airport after an employee handed him a bag containing 300 bank cards after passing a security check, according to the official.
He was[You must be registered and logged in to see this link.]For years, a cash-driven economy relied heavily on US dollar transactions, making it a significant source of illicit dollar flows to Iran and other Middle Eastern countries under Western sanctions.
In November, the US Treasury imposed W[url=https://www.alsumaria.tv/Entity/314357766/%D8%A7%D9%84%D8%A8%D9%86%D9%83 %D8%A7%D9%84%D9%85%D8%B1%D9%83%D8%B2%D9%8A %D8%A7%D9%84%D8%B9%D8%B1%D8%A7%D9%82%D9%8A/ar/]Central Bank of Iraq[/url]stricter controls on international dollar transactions carried out by Iraqi banks; In an effort to reduce money laundering and smuggling.
Due to US-led steps, the price of the dollar rose against the Iraqi dinar in the gray market, which led to an increase in demand for dollars. Where the dollar was sold for 1,750 Iraqi dinars at exchange offices during the month of February, an increase of 20% higher than the official announced price of 1,460 dinars at the time.
It is true that Iraqi citizens can hold dollars at exchange offices at the market rate, but Iraqi banks allowed depositors to issue cash cards covered by the equivalent of $10,000 at the official exchange rate, and they can be used outside the country to withdraw money in cash.
*Restrictions from the central bank
Currency traders and Iraqi officials say that in recent months, currency traders have submitted requests to extract dozens of bank cards and give them to travelers who travel to nearby countries to withdraw dollars.
Earlier this week, the Iraqi authorities said that they had detained an Iraqi who was trying to take 128 bank cards out of the country through a land border crossing with Iran.
Traders said hard currency was being sold at a premium on the gray market. They explained that some of this money is used to buy goods from abroad.
It is true that the value of money smuggled through the bank card route is small compared to what flows through the overall economy, but it shows the size of the demand for the dollar in[You must be registered and logged in to see this link.].
In response to the Iraqis resorting to this path, he imposed[url=https://www.alsumaria.tv/Entity/314357766/%D8%A7%D9%84%D8%A8%D9%86%D9%83 %D8%A7%D9%84%D9%85%D8%B1%D9%83%D8%B2%D9%8A %D8%A7%D9%84%D8%B9%D8%B1%D8%A7%D9%82%D9%8A/ar/]Central Bank of Iraq[/url]Restrictions on withdrawals from bank cards, to $ 250 per day for each card, which makes the process of withdrawing the total cash in one card takes a long time.
"Profitable Opportunities!"
In turn, he said[url=https://www.alsumaria.tv/Entity/4279974382/%D8%B9%D9%84%D9%8A %D9%85%D8%AD%D8%B3%D9%86 %D8%A7%D9%84%D8%B9%D9%84%D8%A7%D9%82/ar/]Ali Mohsen Al-Alaq[/url], conservative[url=https://www.alsumaria.tv/Entity/314357766/%D8%A7%D9%84%D8%A8%D9%86%D9%83 %D8%A7%D9%84%D9%85%D8%B1%D9%83%D8%B2%D9%8A %D8%A7%D9%84%D8%B9%D8%B1%D8%A7%D9%82%D9%8A/ar/]Central Bank of Iraq[/url]“The greater the difference between the official exchange rate and the market exchange rate, the more parties find profitable arbitrage opportunities.” He added that the move to impose a daily withdrawal limit would put an end to these opportunities.
As he said[url=https://www.alsumaria.tv/Entity/3959118278/%D8%B9%D8%A8%D8%AF %D8%A7%D9%84%D8%B1%D8%AD%D9%85%D9%86 %D8%A7%D9%84%D9%85%D8%B4%D9%87%D8%AF%D8%A7%D9%86%D9%8A/ar/]Abdul Rahman Al-Mashhadani[/url]Professor of International Economic Relations b[url=https://www.alsumaria.tv/Entity/1181762933/%D8%A7%D9%84%D8%AC%D8%A7%D9%85%D8%B9%D8%A9 %D8%A7%D9%84%D8%B9%D8%B1%D8%A7%D9%82%D9%8A%D8%A9/ar/]Iraqi University[/url], The central bank's move succeeded in reducing the flow of dollars abroad through this path, but it did not succeed in preventing it completely. "Currency traders are still doing it," he said. "Money is still coming out of the country."
Al-Mashhadani explained that currency dealers, in one of the tricks used to bypass the restrictions, bought a large group of airline tickets to obtain dollars. Iraqis are allowed to convert dinars into dollars in private banks and money changers to cover travel expenses, as long as they have airline tickets showing that they plan to travel outside the country, according to the newspaper.
It is mentioned that[url=https://www.alsumaria.tv/Entity/314357766/%D8%A7%D9%84%D8%A8%D9%86%D9%83 %D8%A7%D9%84%D9%85%D8%B1%D9%83%D8%B2%D9%8A %D8%A7%D9%84%D8%B9%D8%B1%D8%A7%D9%82%D9%8A/ar/]Central Bank of Iraq[/url]He raised the amount of money transferred to cover travel expenses from $5,000 to $7,000 last February, but reduced the amount to only $2,000 in March; To curb the airline ticket buying spree.
The exchange rate in the gray market has declined to about 1,410 dinars per dollar in recent weeks, compared to the official exchange rate of 1,320 dinars now. Wire transfers from Iraqi banks have also increased, indicating that Iraqis are adapting to the stricter rules.
In the Iraqi port of Umm Qasr, overlooking the Gulf, container unloading almost stopped last April, because many importers, accustomed to lax application of import rules, lacked the documents necessary to release their dollar-bought goods from customs, according to[url=https://www.alsumaria.tv/Entity/759561752/%D8%AD%D9%85%D9%8A%D8%AF %D8%A7%D8%A8%D9%88 %D9%81%D8%A7%D8%B7%D9%85%D8%A9/ar/]Hamid Abu Fatima[/url], an agent. Customs clearance at the port.
"The merchants did not have the appropriate documents, which led to the accumulation of cargo containers in the port and the workers almost stopped," Abu Fatima said. He added that the subsidies were eased recently after importers adapted to the new rules, and officials eased enforcement of the rules.
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