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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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    What do Turkish banks do in Iraq and what is their relationship to raising the dollar exchange rate?

    Rocky
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    What do Turkish banks do in Iraq and what is their relationship to raising the dollar exchange rate? Empty What do Turkish banks do in Iraq and what is their relationship to raising the dollar exchange rate?

    Post by Rocky Sat Nov 18, 2023 6:25 am

    What do Turkish banks do in Iraq and what is their relationship to raising the dollar exchange rate?
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    Baghdad Today - Baghdad 
    Many questions have been raised about the nature of the work of Turkish banks in Iraq, and whether it has anything to do with raising the dollar exchange rate or not? In light of the presence of many indicators about their knowledge.
    Today, Saturday (November 18, 2023), the Parliamentary Finance Committee commented on the work of Turkish banks in Iraq and the extent of their responsibility for the rise in the dollar exchange rate in the parallel market.
    Committee member Moeen Al-Kazemi told “Baghdad Today” that “all foreign banks operating in Iraq, whether Turkish or other, operate according to the controls and laws of the Central Bank of Iraq, and they cannot work outside those controls,” indicating that “there are specialized committees in the Central Bank.” To monitor the work of these banks and stop any illegal and unregulated transactions.
    Regarding dollar smuggling operations, a member of the Parliamentary Finance Committee confirmed that “the dollar does not go out smuggled to Iran or other countries as some people promote or imagine,” noting that “the dollar goes out in order to pay the money for some imports, which are outside the platform due to the American embargo.” .
    He pointed out that "the government is working to solve this matter by diversifying the basket of foreign currencies in foreign commercial transactions."
    On (November 15, 2023), an authorized source in the Central Bank of Iraq revealed the bank’s agreement with Turkish banks to open accounts for Iraqi banks.
    The source explained to the official agency, "The agreement comes for the purposes of external transfer and enhancing balances to finance foreign trade in the euro currency," noting, "The agreement came to facilitate the process of trade exchange between Iraq and Turkey." 
    He added, "The Central Bank has put forward other proposals that will be discussed in Istanbul at the end of this month," stressing that "The Central Bank has taken a number of measures that will contribute to reducing the dollar exchange rate." 
    A government source had revealed earlier that, “During the past two days, the Central Bank issued official approvals to three Iraqi private banks to import the US dollar to meet their customers’ need for this currency in amounts amounting to (100) million dollars,” pointing out that “one of the banks’ shipments had... It has actually arrived in Iraq, and there are applications from other banks on their way to be submitted for decision by the Central Bank of Iraq.” 
    He pointed out that "the Trade Bank of Iraq (TBI) is currently holding important discussions with several international companies to transfer amounts amounting to $120 million, and they are on their way to completion within the next few days."
    The government is striving to control the exchange rate of the dollar in the parallel market through a number of measures and pursuing speculators and smugglers, but it is no longer enough to control the exchange rate, which has risen again to reach more than 160 thousand dinars for every 100 dollars today, Saturday. 
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