Daash monetary policy: competition and smuggling of dollars and circumvent familiarize themselves

Daash monetary policy: competition and smuggling of dollars and circumvent familiarize themselves

Mosul:

Adopt a "house money" monetary policy based on the three-competition, smuggling and fraud for immediate profits, and irony is that the US dollar and the Iraqi dinar "damaged" still sir position, while not a place for the golden dinars Caliph.

"Daash" not left a single image for any Iraqi politician in the streets of Mosul after control of them, but turn a blind eye to the images of the founding fathers Private Benjamin Franklin printed on US currency hundred dollars a class that leads scene money and trade in the "Caliphate State".

House money is the Ministry of Finance in organizing the "Daash", manages monetary affairs and strict instructions not accept debate and represent Saerweij Mosul who are performing the function of government banks, which stopped working altogether after June Constitution (June) 2014.

Instructions for cash transactions there are printed in the paper and hung on the glass surfaces for offices and corporate banking, without exception, since the elements of watching the money House closely these transactions is grown eyes and spies to monitor offenders.

Abu Saad Sairafi outlined for "discussion" in an interview through a chat program ( Viber ) , saying: " The usury and sale of cash on credit is forbidden altogether, transfer or receipt of any amount are not only after keep copies of the papers to the person concerned and the address of his residence in Mosul."

House money also intervene in determining the exchange rate and imposes severe restrictions on the movement of cash, it prevents the output of the US dollar from Mosul if increased ten thousand per person, but leave granted exclusively to traders, also reveals Abu Saad.

To implement monetary policy founded the organization "Daash" banking firms and cash deal by his frank and other civilian names, to dominate the market in the face of currency traders veterans such as Mohammad Omar and Japanese shows and other names.

And beyond the role of companies "Daash" set the dollar exchange rate in Mosul to contribute to the dollar smuggling operations. Here reveals Ahmed Salman, a former bank employee, that the most important capital Baghdad smuggling outlets, but recent crashes after the liberation of the island of Samarra, north of Baghdad, Iraqi forces, where the Block dollar walk-through access to the connector.

Salman, who is currently working in a private company in Mosul confirms that the other source of smuggling dollar is the Kurdistan region and specifically the cities of Erbil and Dohuk, and pass the money amounts smuggled across Mosul Dam area.

"Smuggling offset the shortfall in dollar coin, especially since the Iraqi authorities in Baghdad and the Kurdistan region to prevent the transfer of any sums of money to Mosul, and paid Arabs and Kurds smugglers to risk smuggling a quick profit of up to seven percent of the amount smuggled the sidelines," explains Salman. Syria can not be ignored as an important source for the dollar that enters the connector through the Syrian traders who have become an important weight in the city, where are conducting their business transactions in dollars exclusively.

It seems that the monetary policy of the militant organization a large gimmick is evident through the adoption of a mixed exchange rate of the dollar against the dinar to benefit from the Iraqi currency damaged volumes and with small groups, which acquired them from the central bank coffers and branches of other banks in Mosul.

Practically be a hundred dollar exchange b (130) thousand Iraqi dinars currently no higher than cashed in Baghdad five thousand dinars, and here we are talking about the dinar with large groups of categories (25.000) and (10.000) and (5000) because the dollar exchange rate rises to ( 135,000) for a class thousand dinars, and then jumps to (155,000) for smaller category, namely, (250) dinars.

If the dollar was available for the reasons we have mentioned earlier, there is a problem in the dinar, because the master of the market is currently smaller categories, namely (100) and (250 000) and the most corrupted as a coin rolling does not exist in the whole of Iraq.

There are very important for the promotion of small and damaged currency, explained on condition of anonymity bank employee said that the organization made a profit of about (20 percent) of the process of selling the dollar against the dinar or vice versa, because the financial resources (input) has to be in dollars in sales transaction profits of subsidiaries and taxes on trade and fines, etc., in return Daash has a "government" in fact, and has thousands of employees, whether its members or civilian medical Kalquadr and employees of electricity, municipal and others, and pays them (output) any salaries in Iraqi dinars categories tiny exclusively which means that he make a profit in the exchange process for mentioned as long The inputs and outputs dinar to the dollar.

And so it seems that the "house money" began looking for new sources of funding, for example, recently ordered to deduct part of the pensions they only slide that what the federal government continues to send their dues through the smart card electronic system.

In the result, the master of Mosul markets lurking under the control of "Daash" for nearly 22 months, is the US dollar and the Iraqi dinar damaged, either golden dinars Caliph who buzz world Bdaayate mid-2015, there is no mention him at all.

Source: Iraq News