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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

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    The US dollar between the official and parallel rate and the black market

    Rocky
    Rocky
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    The US dollar between the official and parallel rate and the black market Empty The US dollar between the official and parallel rate and the black market

    Post by Rocky Thu 13 Jul 2023, 5:03 am

    The US dollar between the official and parallel rate and the black market

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    The Central Bank of Iraq set several months ago the official price of the US dollar at 1,300 dinars for the Ministry of Finance, 1,310 dinars for banks, and 1,320 dinars for the citizen. It also issued clear instructions for external transfers for the year 2023 and packages that included facilities and flexibility for citizens, merchants, businessmen, and everyone who needs the dollar at the official rate in daily transactions.
    The Central Bank and the banking sector are making great efforts to maintain the stability of the exchange rate and to achieve an exchange rate according to limits close to the official target rate. But so far, there is another price in the dollar trading market that is higher than the official price. Which is currently dealt with by small traders who are not registered in the Companies Registration Department in the Ministry of Trade and merchants who deal in illegal foreign trade through the unofficial border crossings located in the north, south and central Iraq, which are outside government control in the manner of external transfer through unauthorized exchange and external transfer companies and outside the platform system The electronic system that converts the dollar at the official rate in a proper and real manner and ensures that the amount of the transfer reaches the final (real) beneficiary.
    Therefore, it is necessary to distinguish between the official price and the parallel price, which is achieved if we have imports in foreign currency from sources other than oil, which is the main resource for the dollar in Iraq. So there is no parallel price in Iraq, but rather we have a black market that requires the submission of those who deal with it to Iraqi law, as it is an economic crime that harms the economy the National .
    It also requires that the competent government agencies focus on following up and monitoring unlicensed exchange companies and outlets (salary exchange shops for retirees and social welfare, which number in the thousands, and they practice dealing in US dollars, contrary to the instructions of the Central Bank and the government, noting that the licensed companies are exclusively under the control and supervision of the Central Bank.



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    Added 07/13/2023 - 9:52 AM
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