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Al-Alaq: The Central Bank is waging a "battle" against dollar smugglers
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[rtl]Baghdad / NINA / - The Governor of the Central Bank, Ali Al-Alaq, affirmed that Iraq has made great strides in applying restrictions on the supply of US dollars, but it is facing an uphill battle with a banking system that is not accustomed to strict control and permanent currency smugglers.
"It is really a battle because the beneficiaries of this situation and those affected (from the new measures) will try in various ways to continue their illegal activities," Al-Alaq said in an interview with Reuters, adding that he "has no data.
" on the amount of Iraqi dollars that have been smuggled to Iran or other neighboring countries.” , including Turkey and Syria, before the United States tightened regulations in November.”
Al-Alaq explained that “Iraq's reserves are more than $100 billion, but it cannot freely intervene in the market to reduce the price due to the restrictions.”
He pointed out, “There are always side effects, but at the same time we have a responsibility to protect the interests of the country by trying to find the necessary means of monitoring and supervision so that we do not expose the country to any issues on this front." The bank's governor pointed out that "it is a feature of the informal economy to an extent.
" Kabir, the system has been used by thousands of small companies that are not registered with the state, a widespread phenomenon in Iraq that allows them to evade taxes and customs fees.”/ End 8[/rtl]
"It is really a battle because the beneficiaries of this situation and those affected (from the new measures) will try in various ways to continue their illegal activities," Al-Alaq said in an interview with Reuters, adding that he "has no data.
" on the amount of Iraqi dollars that have been smuggled to Iran or other neighboring countries.” , including Turkey and Syria, before the United States tightened regulations in November.”
Al-Alaq explained that “Iraq's reserves are more than $100 billion, but it cannot freely intervene in the market to reduce the price due to the restrictions.”
He pointed out, “There are always side effects, but at the same time we have a responsibility to protect the interests of the country by trying to find the necessary means of monitoring and supervision so that we do not expose the country to any issues on this front." The bank's governor pointed out that "it is a feature of the informal economy to an extent.
" Kabir, the system has been used by thousands of small companies that are not registered with the state, a widespread phenomenon in Iraq that allows them to evade taxes and customs fees.”/ End 8[/rtl]
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