Home
New restrictions imposed on sale of greenback in Iraq
By Adel Kadhem
Azzaman, April 22, 2013
To stem a rush on the U.S. the dollar, the government has forbidden banks from selling the currency at official prices, restricting the trade to two branches of the state-run al-Rasheed Bank.
The restrictions follow a surge in demand for the greenback and what the Finance Ministry has described in a statement “manipulative moves” to cash in on foreign exchange trade.
The statement said Deputy Finance Minister Ali al-Shukri has prevented banks from selling the dollar at government-imposed rates, confining the sale to the main al-Rasheed Bank headquarters in Baghdad and another branch in Shorja, the capital’s commercial center.
Previously, Iraqis were allowed to buy as many dollars as they wanted as the Central Bank furnished both private and state-owned banks with millions of dollars every day.
But there has been an unprecedented demand for the dollar to the extent that the Central Bank feared it could no longer keep drawing on its hard cash reserves to meet local needs.
Iraqis willing to buy the dollar at official rates, which are lower than rates prevalent in the open market, will have to produce a passport and an air ticket to be legible to buy.
It is the first time the government introduces such restrictions on the trade of the dollar since the 2003-U.S. invasion.
[You must be registered and logged in to see this link.][You must be registered and logged in to see this image.]
By Adel Kadhem
Azzaman, April 22, 2013
To stem a rush on the U.S. the dollar, the government has forbidden banks from selling the currency at official prices, restricting the trade to two branches of the state-run al-Rasheed Bank.
The restrictions follow a surge in demand for the greenback and what the Finance Ministry has described in a statement “manipulative moves” to cash in on foreign exchange trade.
The statement said Deputy Finance Minister Ali al-Shukri has prevented banks from selling the dollar at government-imposed rates, confining the sale to the main al-Rasheed Bank headquarters in Baghdad and another branch in Shorja, the capital’s commercial center.
Previously, Iraqis were allowed to buy as many dollars as they wanted as the Central Bank furnished both private and state-owned banks with millions of dollars every day.
But there has been an unprecedented demand for the dollar to the extent that the Central Bank feared it could no longer keep drawing on its hard cash reserves to meet local needs.
Iraqis willing to buy the dollar at official rates, which are lower than rates prevalent in the open market, will have to produce a passport and an air ticket to be legible to buy.
It is the first time the government introduces such restrictions on the trade of the dollar since the 2003-U.S. invasion.
[You must be registered and logged in to see this link.][You must be registered and logged in to see this image.]
» A deputy denounces the "allegations" of the Finance Committee: There is no budget deficit!
» Disagreements over the budget raise doubts about the secrets of the government formation agreement w
» Iraq's oil exports amounted to 98 million barrels, with revenues reaching $7 billion
» Report: Iran is blackmailing Iraq by cutting gas to pay off debts and obstructing its cooperation wi
» Details of the Sudanese meeting and the delegation of the International Renewable Energy Agency
» Al-Sudani's advisor: The Iraqi market is still not defined, and the guarantee law will regulate its
» Between supporters and opponents.. A fierce debate about the new path of development in Iraq
» Oil products call on the owners of generators who do not own a (gas) share to complete their transac
» The Minister of Planning chairs the first meeting of the steering committee to enhance joint coopera
» More than 27 trillion dinars, the volume of financial revenues in Iraq's budget in March
» "After the recent amendments".. Shafaq News publishes the 2023 budget bill
» Cautious estimates in the "road of development" .. Hopes and obstacles in front of Iraq
» Iraq reveals the history of the electrical connection with Jordan
» Al-Sudani reviews Iraq's plans for environmental threats to the delegation of the International Rene
» "The political agreement is not an alternative." The framework's message to the objectors: Violation
» Responsible for 60% of the "smuggled" crops.. cut off a major smuggling artery from Kurdistan to Bag
» The President of the Republic receives the delegation of the Jihad and Construction Movement
» The President of the Republic receives the Minister of Industry and Minerals
» Minister of Justice Khaled Shwani receives the head of the delegation of the International Committee
» Government advisor: Iraq is currently one of the countries with moderate prices compared to other co
» Director General at the Ministry of Commerce.. Inflated funds and illegal gain
» The Iraqi Central Bank announces the sale of more than 40 million dollars in cash today, Sunday
» Outputs of the Sudanese meeting of the opinion body in the Ministry of Resources
» The Minister of Finance of the Region: Amending Articles 13 and 14 in the budget has left no power f
» Ministry of Oil: Last month's revenues amounted to more than $7 billion
» The Prime Minister's advisor reveals the percentage of budget support for fuel, electricity and serv
» Sudanese Consultant: The Workers' Insurance Law constitutes a turning point towards regulating the m
» Governmental parliamentary agreement to reduce Internet prices
» A legal expert explains how to adjust the salaries of retirees and the possibility of increasing the
» Anbar clans warn of the repercussions of the return of the criminal Baath
» Parliamentary Oil: Türkiye is blackmailing Iraq to prevent it from receiving compensation from the P
» A Jordanian politician told Al-Malooma: America flooded Iraq with corruption and chaos
» Legal: The government is obligated to sever relations with Jordan
» The budget session includes the numbers of the "missing"... Kurdistan rejects the amendment, and Bag
» Parliamentary confirmation of passing the budget at the end of this week
» A Bond Revealing The Details Of The First Session Of The Federal Court Regarding The Election Law
» Parliamentary Finance discusses the mechanism for making transfers between spending units
» Director General of Ports: Iraq, through the path of development and the great port of Faw, will be
» The work of the 11th meeting of the Technical Committee for Arab Rules of Origin, chaired by Saudi A
» The Minister of Commerce confirms that the government is working to support openness to the regional
» Deputy: influential parties supervising the conversion of agricultural lands into residential ones
» Parliamentary investment: We have a long time before implementing the path of development
» Parliamentary Integrity: We are determined to open a comprehensive investigation into the theft of t
» The President of the Republic: The delay in the budget greatly affected the implementation of vital
» Al-Sudani stresses the need to review the management of the water file
» MilitiaMan and Crew: 5-26-2023 IRAQ DINAR to CHANGE VALUE
» Barzani: Changes to Kurdistan's share in the budget are "treason, injustice and conspiracy"
» Al-Sudani to the Saudi Minister of Transport: The importance of economic, investment and industrial
» Parliamentary Finance checks budget law schedules
» Parliamentary Finance suspends its work until further notice
» The World Bank: The establishment of the Central Bank of Iraq as a private bank for very small proje
» Parliamentary legal: It is hoped to start discussing the oil and gas law after approving the budget
» Traffic: The project to unify the signs will see the light soon
» Sudanese financial advisor: budget support is about 13%
» Youssef Al-Kalabi responds to the accusations of the Kurdistan region and explains the amendments to
» Al-Araji is discussing with the Sulaymaniyah authorities the completion of the security record with
» Parliament calls on the government to obtain millions of dollars from communication companies
» The British Consul brings together Pavel Talabani and Masrour Barzani at one table
» A block of the coordination framework attacks the path of development: a disgrace
» The coordination framework openly challenges the Kurdistan region: the budget has been completed and
» Iraq reveals the history of the electrical connection with Jordan
» The Central Bank of Iraq announces the initiation of the establishment of the Riyada Bank for Social
» Oil launches the {elites} initiative to study in international universities
» Territory employees are demanding the payment of savings salaries
» Al-Alaq announces the establishment of {Riyada Bank} to lend to vulnerable groups
» Planning involves the private sector in providing job opportunities
» Officially.. Iraq enters into two nuclear agreements
» An "extraordinary" meeting of the framework leaders regarding the budget disputes.. A Kurdish delega
» Transferring money in "Kawani" and the exchange rate losses.. The car market is "annoyed" by limitin
» Stability of dollar exchange rates in Baghdad markets
» Iraq's oil exports to America decreased to 136 thousand barrels per day
» The Iraqi government explains the reasons for not passing through the path of development in the Kur
» Alia Nassif calls for an investigation into violations in the Ministry of Industry: corruption, buyi
» An agreement on Saudi Arabia's contribution to the development of the largest Iraqi gas field
» Iraq asks the neighborhood to mature a land road project linking the Gulf to Turkey
» The region feels disappointed and disagreements over the budget escalate before it is approved
» "Parliamentary Finance" undermines the oil agreement with sudden amendments to the budget
» Employees and retirees whose salaries are stolen with fake links, amid government warnings
» Baghdad hosts the Development Road Conference
» Member of the Parliamentary Finance: Suspension of committee work is exclusively the prerogative of
» In the document.. the Deputy Speaker of the House of Representatives calls for suspending the work o
» The Parliamentary Legal Committee sets a date for discussing the oil and gas law
» Dollar exchange rates in Iraq today
» Judy, MilitiaMan and more.....Saturday AM 5-27-2023
» The GCC countries study the mechanism of benefiting from the "Development Path" project
» Parliamentary Finance: The budget will be ready for presentation to the House of Representatives tom
» Sudanese advisor: Iraq will not be just a 'transit' of goods in the promised project
» Al-Alaq announces work to establish a "Riyada" bank to support youth
» Snapshots from the Development Path Conference.. The Italian Company: The Development Path is an opp
» Support from the Development Summit in Baghdad: Iraq has moved to an important stage in diversifying
» Dhi Qar.. Requiring housing unit investors not to receive payments until they achieve a completion r
» Deputy on the Kurdistan Region budget paragraph: We accomplished what we had to do without courtesy
» World Bank: Iraq needs 21 billion dollars in the transport sector
» Representative of the Turkish delegation: We are a major partner in the path of development
» Rights: Jordan's decision regarding the Ba'ath Party is a hostile and provocative act against Iraq
» A Member Of Parliamentary Finance, Challenging The Region: To Vote For You From Your Promise To Take
» The Kuwaiti and Syrian delegations arrive in Baghdad
» Sponsored by Al-Sudani.. The launch of the annual Iraqi banking conference