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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


    Dollar speculation.. a profession that spreads in Baghdad and the Iraqi provinces and affects the ec

    Rocky
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    Dollar speculation.. a profession that spreads in Baghdad and the Iraqi provinces and affects the ec Empty Dollar speculation.. a profession that spreads in Baghdad and the Iraqi provinces and affects the ec

    Post by Rocky Sun 06 Aug 2023, 5:12 am

    [size=38]Dollar speculation.. a profession that spreads in Baghdad and the Iraqi provinces and affects the economy[/size]


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    August 6, 2023[You must be registered and logged in to see this link.]
    Baghdad / Obelisk Al-Hadath: A new category is emerging in the Iraqi trade market, and they are the major smugglers and speculators at the dollar exchange rate in Baghdad and other provinces.
    The issue of the exchange rate of the dollar has turned into a battle between the state, which insists on completing the reform of the financial and banking system on the one hand, and a group of speculators and smugglers on the other, according to the description of the Prime Minister, Muhammad Shia' al-Sudani.
    Dollar speculators are individuals or entities that buy and sell dollars or foreign currencies quickly and frequently with the aim of making a profit from exchange rate fluctuations.
    These entities include banks, financial firms, individual investors, and sometimes even some government institutions. These entities seek to exploit the differences in foreign exchange rates to make quick profits.
    The activities of currency speculators prompted the Central Bank of Iraq to review the work of banks and exchange companies to verify funds, and the Integrity Commission has applied procedures to 40 exchange companies and their work will be regulated in entering the financial market.
    There is a significant impact of dollar speculators on the Iraqi economy, which relies heavily on oil revenues as a main source of hard currency, and due to fluctuations in oil prices and unstable economic and political conditions, the value of the Iraqi dinar has been greatly affected.
    A few days ago, the National Security Agency carried out an operation that overthrew a network of major currency speculators, who were setting an exchange rate and communicating with small speculators to withdraw dollars from the market for them.
    These speculators were associated with others in the Kurdistan region, through whom currency was being smuggled.
    Dollar speculation in Iraq leads to sharp fluctuations in the exchange rate, which affects the predictive ability of individuals and companies, increases inflation and negatively affects economic and social stability. The fluctuation of the exchange rate could also exacerbate the government's financial conditions and affect its ability to implement development programs and provide basic services to citizens.
    And in August 2023, the National Security Agency was able to overthrow the largest smuggling networks in their possession of 14 million dollars intended for smuggling, while the defendants admitted to using fake companies as a cover for smuggling currency .. Also, 12 accused of smuggling currency were overthrown in the governorates of Basra, Diyala and Muthanna, in possession of more than 300 million dinars.
    At the same time, the Border Ports Authority announced that it had thwarted an attempt to smuggle more than 48,000 dollars at the Zurbatiya port through a GMC driver.
    In July 2023, the security forces were able to overthrow a network that traded in dollars, and 14 million dollars intended for smuggling were seized along with 50 billion Iraqi dinars that were on their way out of Iraq.
    Despite the continued prosecution of networks and the arrest of dozens, it did not reveal the contacts of these influential networks.
    And a member of the Finance Committee, Faisal Al-Naeli, stated that there are hands that withdraw the dollar to patch the exchange rate so that certain parties from bank owners or merchants can benefit from it.
    Writer Muhammad Fakhry al-Mawla said in an article that the state's economic approach must be clear through a series of measures aimed at stabilizing the local market and removing the influence of the parallel (black) market on it and on the citizen.
    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.
     
    Prepared by Muhammad Al-Khafaji
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