Iraq: A new decline in the dinar amid warnings of tampering with travelers’ money

[size=52]Iraq: A new decline in the dinar amid warnings of tampering with travelers’ money[/size]

[size=45]Exchange rates witnessed a new decline for the Iraqi currency, in the parallel market, where the price of one dollar exceeded the barrier of 1,640 dinars.[/size]
[size=45]Economists warned of the dinar gradually losing its monetary value due to the continued dollar smuggling operations and the actions of the Central Bank of Iraq, which contributed to the continued rise of the dollar in the parallel market and speculators’ exploitation of the market situation.[/size]
[size=45]Internal and external reasons.
Financial affairs researcher Ali Al-Hayani said, “The increasing rise in the exchange rate of the dollar against the dinar indicates that the Central Bank of Iraq does not control the work of banks in the country, in addition to several internal and external factors that led to this rapid rise.”[/size]
[size=45]Al-Hayani added, in statements to Al-Araby Al-Jadeed, that “the reasons for the rise in the internal price of the dollar are the recent statements of Central Bank officials, including stopping the delivery of external remittances in dollars, in addition to the increasing demand for the dollar in the parallel market.” He pointed out that “external factors are represented by the general situation in the region, the most important of which is what is happening now in Palestine (the Al-Aqsa flood), which prompted speculators to exploit the state of monetary confusion in the regional environment and link it to the Iraqi market.” Al-Hayani stressed “the importance of taking all legal measures against speculators and violators, and working to protect the national currency from losing its monetary value.”[/size]
[size=45]The dollar does not reach travelers,
and specialists have warned of manipulation and corruption in the funds allocated by the Central Bank of Iraq for travelers, which is witnessed by banks and exchange offices authorized at the currency selling window through the direct sale of dollars to fictitious travelers or direct bribery to the employees of those institutions.[/size]
[size=45]The economic researcher, Ahmed Sabah, said, “The dollar allocated to travelers does not reach them, due to the corruption, manipulation, and bribery operations witnessed by the official outlets selling the dollar to travelers, which has had serious repercussions on the reality of the Iraqi market.”[/size]
[size=45]Speaking to Al-Arabi Al-Jadeed, Sabah warned against “stopping the window for selling currency to travelers and their money not arriving smoothly and easily, because this will contribute to increasing demand for the dollar, which will lead to a greater rise in the dollar’s ​​exchange rate, which will be directly reflected in the general level of prices.” “. He stressed, “The current crisis of the rise in the dollar exchange rate is not only a monetary and technical crisis, but rather a political and economic crisis, with agendas and influential parties behind it whose goal is to continue the state of chaos, to achieve the largest return of profits at the expense of Iraqi citizens.” Sabah explained, “The dollar allocated to travelers goes towards financing commercial activities with Iran by transferring money directly across the border without resorting to official international transfer procedures, which are prohibited due to US sanctions.”[/size]
[size=45]In this context, a member of the Iraqi Parliament, Nayef Al-Shammari, warned of “the loss of the value of the Iraqi dinar and the creation of a state of confusion and chaos in the Iraqi local market,” calling on “the government and the central bank to take necessary measures to limit the rise in the dollar exchange rate.” Al-Shammari confirmed in media statements today, “The Iraqi dinar has begun to gradually lose its value, which poses a threat to the Iraqi economy, indicating that the most affected person by the continuous change in the exchange rate changes is the Iraqi citizen.” Al-Shammari said, in a press interview, that the loss of the dinar’s monetary value within a short period requires taking bolder measures by the Central Bank and the Iraqi financial authority, stressing the importance of controlling the parallel exchange rate.[/size]
[size=45]New procedures:
For its part, the Central Bank of Iraq confirmed “the continuation of selling the dollar to travelers without stopping, despite the presence of fraud operations that have affected many citizens, including important figures in the Iraqi state,” stressing its administration’s efforts “to work to overcome problems and follow up on complaints submitted by travelers.”[/size]
[size=45]Speaking to Al-Araby Al-Jadeed, the Director General of the Department of Investment and Foreign Remittances at the Central Bank, Mazen Sabah, said, “The bank is working to overcome all problems and provide the necessary facilities for travelers to obtain the dollar normally.” Sabah continued, “The Central Bank will open new outlets to deliver dollars to travelers inside Baghdad International, Basra, and Najaf airports, through a number of officially registered exchange companies, which own several branches in various governorates, so that the traveler can deposit the amount of money in Iraqi dinars, and receive it inside Baghdad Airport.” At the official price (132 thousand dinars per 100 dollars).” He stressed that “the opening of these companies inside Baghdad International Airport in particular shortens many of the routine, administrative and auditing procedures followed by government banks, and reduces the momentum taking place there, while ensuring that the traveler receives the dollar.”[/size]
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