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Increasingly popular dollar trading in Baghdad
11.05.2013
With auditors gather every morning in front of the private banks authorized to sell the dollar before the Central Bank. The women and men of all ages are standing in line with their passports for the purchase of five thousand dollars at the official exchange rate, which they say is less than the market price by more than a hundred dinars to the dollar.
These excuses are all centered around travel for different reasons, but observers say that until everyone is trading one for self or for some merchants in Exchange for commissions.
The financial expert said Majid of radio free Iraq, the infusion process not subject to adequate control dollar leading to a monopoly currency by influential people without a fair distribution.
It seems that the actions taken by the Central Bank to provide hard currency stood powerless to maintain the exchange rate of the dollar against the Iraqi dinar.
And the President of the Association of private Iraqi banks Abdul Aziz Hassoun blame in this process on the Central Bank, describing what is happening in the it support for the dollar at the expense of the Iraqi dinar.
One manager said private banks, who asked not to be named, that the distribution of currency among the private banks are not evenly, exploit some sales operations to manipulate exchange rates locally.
The Central Bank's decision comes in the plan to meet the demand for foreign currency, which don't intersect with the anti-money laundering Act in Iraq.
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11.05.2013
With auditors gather every morning in front of the private banks authorized to sell the dollar before the Central Bank. The women and men of all ages are standing in line with their passports for the purchase of five thousand dollars at the official exchange rate, which they say is less than the market price by more than a hundred dinars to the dollar.
These excuses are all centered around travel for different reasons, but observers say that until everyone is trading one for self or for some merchants in Exchange for commissions.
The financial expert said Majid of radio free Iraq, the infusion process not subject to adequate control dollar leading to a monopoly currency by influential people without a fair distribution.
It seems that the actions taken by the Central Bank to provide hard currency stood powerless to maintain the exchange rate of the dollar against the Iraqi dinar.
And the President of the Association of private Iraqi banks Abdul Aziz Hassoun blame in this process on the Central Bank, describing what is happening in the it support for the dollar at the expense of the Iraqi dinar.
One manager said private banks, who asked not to be named, that the distribution of currency among the private banks are not evenly, exploit some sales operations to manipulate exchange rates locally.
The Central Bank's decision comes in the plan to meet the demand for foreign currency, which don't intersect with the anti-money laundering Act in Iraq.
[You must be registered and logged in to see this link.]
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