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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


    The government dollar...a “hollow” announcement and new fatigue for travelers

    Rocky
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    • Post n°1

    The government dollar...a “hollow” announcement and new fatigue for travelers Empty The government dollar...a “hollow” announcement and new fatigue for travelers

    Post by Rocky Mon 30 Oct 2023, 2:31 pm

    The government dollar...a “hollow” announcement and new fatigue for travelers
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    Baghdad today - Baghdad
    The day before yesterday, Saturday, government banks began launching the electronic reservation service to sell the dollar to travelers at the official price set by the Central Bank of Iraq of 1,320 dinars.
    The Rasheed and Rafidain government banks have identified a special mechanism to obtain the dollar through advance electronic reservation,  with each traveler’s share amounting to 3,000 thousand dollars.
    After completing the form, the customer goes to one of the branches of the two banks designated for them in Baghdad as a first stage to deposit the cash amount in Iraqi dinars, which was marked through the electronic reservation form, and is handed a filled-out MasterCard card worth $3,000 to be disbursed on the day of his travel from the bank’s outlet at Baghdad International Airport exclusively.
    This is the new mechanism in its elegant way, but “what was hidden was greater,” as a responsible banking source revealed to “Baghdad Today” that “the electronic reservation link does not work until about two hours in the morning at the beginning of the official working hours of the Rasheed and Al-Rafidain banks due to the large number of advance reservations on it and it does not receive “Only those with great luck” due to the large number of requests from those wishing to travel.
    The source says, “Each branch designated by the two banks for electronic reservation provides only 25 MasterCard cards per day, which constitute only a very small percentage compared to thousands of requests.”
    He added, "Although it was the beginning, it was not encouraging due to the inability of government banks to secure the many requests due to the scarcity of the dollar or the strict procedures of the Central Bank of Iraq and the administrative bureaucracy to prevent the leakage of currency into the black market."
    The source did not rule out "the occurrence of favoritism and affiliation in some cases, bypassing the electronic reservation mechanism and granting dollars directly from the airport port in the traditional way to friends and close associates of officials or employees in government banks, but it remains relatively limited."
    In a step aimed at reducing the “climbing” of foreign currency, whose exchange rate reached 160,000 dinars for every 100 dollars in the parallel market, the Central Bank, during the past weeks, opened exchange offices at Baghdad Airport, with the aim of facilitating the mechanism for travelers to obtain the dollar, but Other specialists believe that this step is “temporary” and cannot address the imbalance from its roots, calling for the necessity of taking strict economic decisions that would put an end to what they described as the “escape” of the dollar.
    Economists say that these measures “are no longer sufficient to control the rise in the price of the currency, because the shares of banking companies have been reduced, so this will not compensate for the shortfall, and this matter will not break the psychological barrier and thus lead to the rise of the dollar.” 
    They expressed their fear that speculative operations would continue, and thus a new rise in the dollar would occur, pointing out that opening banks for travelers is an insufficient measure, unless it is monitored continuously and permanently.
    Economist Nabil Al-Marsoumi pointed out in a previous statement, “The difficulty of travelers obtaining dollars led some of them to sometimes spend the night at the gates of offices and banking companies, and a large portion of travelers did not receive their share in the end of the dollars allocated to them by the Central Bank, so The Central Bank’s latest step to open exchange offices in four airports (Baghdad, Najaf, Erbil, and Basra) could achieve great success if the process is implemented correctly.”
    The Governor of the Central Bank, Ali Al-Alaq, had recently opened new outlets for selling the dollar at Baghdad Airport, and stressed “the speed of completing transactions by government banks and exchange companies that sell the dollar to travelers at Baghdad International Airport, as this is limited to a specific time,” noting that “the step of opening outlets New facilities at the airport will have positive effects, especially since it takes a short time for the traveler to receive his share of the dollar.”
    Local markets are awaiting a new government measure to rein in the dollar, which was revealed by Prime Minister Fadi Al-Shammari’s advisor the day before yesterday, Friday, when he said that Prime Minister Muhammad Shiaa Al-Sudani will announce this week a new banking service for small merchants that will lead to a decrease in the exchange rate and facilitate their work procedures.
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