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Serious steps to reduce currency smuggling
Iraq 2023/07/08
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Baghdad: Muhannad Abdel-
Wahhab Politicians and experts said that the Ministry of Interior is working to follow up the currency market to limit currency smuggling operations that take place through the issuance of credit cards, and the steps of the executive agencies coincide with the implementation of the instructions of the Central Bank of Iraq in this regard.
A member of the Parliamentary Finance Committee, Mueen Al-Kazemi, told Al-Sabah: “When the central bank system allowed the transfer of funds through (MasterCard) to travelers, there was support for this step that would serve the traveler, but it was circumvented by collecting hundreds of cards.” Or issuing it illegally by some private banks, then the currency difference in other countries is benefited through one person who travels with hundreds of cards, so the government and the central bank paid attention to this fraudulent process.
He added, "The government has taken appropriate legal measures with regard to smuggling through cards, and the most important thing is the smuggling of money or what is transferred in transfers of tens of millions of dollars for which the required goods do not come, or that what is given to banks is not transferred in a proper manner," stressing that "The government will control this dilemma over time, and the price of the parallel dollar will be close to the official rate."
For his part, the spokesman for the Ministry of Interior, Khaled Al-Muhanna, stated that "there are procedures for the Ministry of the Interior through auditing and raising awareness that dealing is in the Iraqi dinar and following the contexts and laws of the Central Bank of Iraq," and he added in an interview with "Al-Sabah", that "the second part is to carry out campaigns To circulate these internal messages to include the largest number of traders, and there will be accountability for everyone who deals outside the framework of the law in foreign currencies.
In the meantime, the Rafidain and Al-Rasheed banks decided to raise the ceiling for the exchange of dollars for travelers to the amount of 3 thousand dollars, starting tomorrow, Sunday, in order to contribute to strengthening the stability of exchange rates.
In addition, the economic expert, Dr. Majid Al-Suri, explained, in an interview with "Al-Sabah", that "the economic chaos that Iraq has suffered from during the last three decades and was rooted after the occupation in 2003, the opening of border crossings wide, the absence of a clear economic policy, the confusion in financial policy and the expansion of Operational expenses and lack of interest in economic and social development, while encouraging the free market economy policy and not applying the constitution and the laws in force, all of this, has made Iraq a great hotbed of administrative and financial corruption, speculation and unregulated behavior in economic operations in general and commercial in particular.
And he continued: “There are efforts made and are being made by the Central Bank in controlling foreign trade through monetary policy measures as a result of local and international requirements and the government’s efforts to help achieve this with cooperation to support the Iraqi dinar, and an attempt to reduce the monetary circulation of the dinar, and encourage electronic trading, which is an experience that is not In the old days in Iraq, all of these measures led to pressure on the forces supporting the old directions," stressing that "the old guard worked and is working to defend its gains and will continue to work in all legal and illegal ways and resort to circumventing the law and the instructions that were issued."
He added, "The fact that the Ministry of the Interior is grateful for the disclosure of currency smuggling operations through credit cards and others is part of the efforts made by the government to control the implementation of the law and fight corruption and corrupt behaviors by stakeholders who will defend their gains in every way, but such operations Unilateral measures cannot eliminate all these manifestations as long as the border crossings are not regulated by the existence of administrative and financial corruption, as long as foreign and internal trade procedures are not integrated, as long as currency speculation is present, and as long as economic and social development is not achieved and dependence on the global market is reduced in securing needs. the Iraqian people".
Edited by: Muhammad Al-Ansari
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