Guest views are now limited to 12 pages. If you get an "Error" message, just sign in! If you need to create an account, click here.

Jump to content
  • CRYPTO REWARDS!

    Full endorsement on this opportunity - but it's limited, so get in while you can!

Requiring shops to deal in Iraqi dinars


yota691
 Share

Recommended Posts

The first  2023/05/14
...
 

 

 Baghdad: Janan Al-Asadi

 

The Ministry of the Interior prevented merchants and citizens from dealing in dollars in markets and shops, and restricted this process to dinars.

Despite a previous decision by the Central Bank to adjust the exchange rate of the dollar, stipulating that the purchase price from the Ministry of Finance be 1,300 dinars per dollar and sell it for (1,310) dinars to banks through the electronic platform, then it is sold for (1,320) dinars to the final beneficiary. A large discrepancy with the prices circulating in the local markets, as the selling value reaches 147 thousand dinars and the purchase value reaches 145 thousand and 250 dinars per 100 dollars.

The Director of the Operations Department at the Organized Crime Directorate, Brigadier General Hussein Al-Tamimi, said during a monitoring campaign that was launched in this regard and was attended by "Al-Sabah": The Directorate of Organized Crime in the Ministry of the Interior issued a circular banning merchants and citizens from dealing in markets, shops and commercial centers in dollars and limiting this process to dinars, and this comes within The campaign launched by the Ministry in coordination with the Central Bank under the title "Supporting the Iraqi Dinar"And he indicated that written pledges were taken from shop owners and commercial centers that dealings would be in dinars instead of dollars, pointing to the deployment of civilian detachments to take legal measures against violators. Al-Tamimi indicated that the Directorate aims, through the campaign, to limit the exploitation of weak-minded people by the discrepancy in dollar prices and selling them goods or materials of all kinds in this currency.

Al-Tamimi added that the Directorate specified dealing in dollars exclusively in the Central Bank and the exchange offices authorized by it. He stated that the Directorate for Combating Organized Crime continues to intensify its campaigns to monitor the high prices of food and medicine in the local markets in Baghdad, in coordination with the commercial and intelligence control departments, to detect price manipulators or monopolists of goods and commodities.

Al-Tamimi continued, that the commercial control compares prices according to the pricing of the Ministry of Commerce and invoices of merchants to detect weak-minded people taking advantage of the high dollar prices.

 

 Edited by: Ali Mouafaq

  • Upvote 2
Link to comment
Share on other sites

New measures to prevent merchants and citizens from dealing in dollars in the markets
 

Baghdad - people   

The Ministry of the Interior prevented merchants and citizens from dealing in dollars in markets and shops, and restricted this process to dinars.  

  

  

The Director of Operations Department at the Organized Crime Directorate, Brigadier General Hussein Al-Tamimi, said in a statement reported by the official newspaper, “Nass” (May 14, 2023), that “the Directorate of Organized Crime at the Ministry of Interior issued a circular banning merchants and citizens from dealing in markets, shops, and commercial centers in dollars, and limiting this process.” In dinars, and this comes as part of the campaign launched by the ministry in coordination with the Central Bank under the title of supporting the Iraqi dinar.  

  

And he indicated that "written pledges were taken from shop owners and commercial centers that dealings would be in dinars instead of dollars," pointing to "the deployment of civilian detachments to take legal measures against violators."  

  

Al-Tamimi indicated that "the directorate aims, through the campaign, to limit the exploitation of weak-minded people by the discrepancy in dollar prices and selling them goods or materials of all kinds in this currency."  

  

Al-Tamimi added, "The Directorate specified dealing in dollars exclusively in the Central Bank and the exchange offices authorized by it."  

  

He stated that "the Directorate for Combating Organized Crime continues to intensify its campaigns to monitor the high prices of food and medicine in the local markets in Baghdad, in coordination with the commercial and intelligence control departments, to detect price manipulators or monopolists of goods and commodities."  

  

Al-Tamimi continued, "The commercial control compares prices according to the pricing of the Ministry of Commerce and the invoices of merchants to detect weak-minded people taking advantage of the high dollar prices."  

  • Thanks 1
  • Upvote 1
Link to comment
Share on other sites

  • Time: 05/14/2023 08:25:18
  •  
  • Read: 2,730 times
Interior: Preventing dealing in dollars in local markets
  
{Economic: Al Furat News} The Ministry of Interior prevented merchants and citizens from dealing in dollars in markets and shops, and limited this process to dinars.

Despite a previous decision by the Central Bank to adjust the exchange rate of the dollar, stipulating that the purchase price from the Ministry of Finance be 1,300 dinars per dollar and sell it for (1,310) dinars to banks through the electronic platform, then it is sold for (1,320) dinars to the final beneficiary. A large discrepancy with the prices circulating in the local markets, as the selling value reaches 147 thousand dinars and the purchase value reaches 145 thousand and 250 dinars per 100 dollars.
The Director of Operations Department at the Organized Crime Directorate, Brigadier General Hussein Al-Tamimi, said during a monitoring campaign that was launched in this regard, "The Organized Crime Directorate at the Ministry of Interior issued a circular banning merchants and citizens from dealing in markets, shops, and commercial centers in dollars, and limiting this process to dinars, and this comes within the campaign launched by the ministry." In coordination with the Central Bank under the title "Supporting the Iraqi Dinar". 
He indicated that written pledges were taken from the owners of shops and commercial centers that dealings would be in dinars instead of dollars," pointing to "the deployment of civilian detachments to take legal measures against violators." Al-Tamimi indicated that the Directorate aims, through the campaign, to limit the exploitation of the weak-minded due to the price discrepancy 
. dollar and sell them goods or materials of all kinds in this currency.Al
-Tamimi added that the Directorate limited dealing in dollars exclusively in the central bank and exchange offices authorized by it.He
stated that the Directorate for Combating Organized Crime continues to intensify its campaigns to monitor the high prices of food and medicine in the local markets in Baghdad in coordination with departments Commercial control and intelligence to detect price manipulators or monopolists of goods and commodities.
Al-Tamimi continued, that the commercial control compares prices according to the pricing of the Ministry of Commerce and invoices of merchants to detect weak-minded people taking advantage of the high dollar prices.

  • Thanks 1
Link to comment
Share on other sites

13119.jpeg

 

money and business
   

Economy News - Baghdad
The Ministry of the Interior prevented merchants and citizens from dealing in dollars in markets and shops, and restricted this process to dinars.

The Director of Operations Department at the Organized Crime Directorate, Brigadier General Hussein Al-Tamimi, said during a monitoring campaign that was launched in this regard, "The Organized Crime Directorate at the Ministry of Interior issued a circular banning merchants and citizens from dealing in markets, shops and commercial centers in dollars and limiting this process to dinars, and this comes within the campaign it launched." The ministry, in coordination with the Central Bank, under the title of supporting the Iraqi dinar.

Al-Tamimi said, "Written pledges were taken from the owners of shops and commercial centers that dealings would be in dinars instead of dollars," pointing to "the deployment of civilian detachments to take legal measures against violators."

He pointed out, "The directorate aims, through the campaign, to limit the exploitation of weak-minded people by the discrepancy in dollar prices and selling them goods or materials of all kinds in this currency," according to the official newspaper, Al-Sabah.

He added, "The Directorate specified dealing in dollars exclusively in the central bank and exchange offices authorized by it," noting that "the Directorate of Combating Organized Crime continues to intensify its campaigns to monitor the high prices of food and medicine in the local markets in Baghdad, in coordination with the commercial and intelligence control departments to detect price manipulators." or monopolists of commodities and merchandise.

Al-Tamimi continued, "The commercial control compares prices according to the pricing of the Ministry of Commerce and the invoices of merchants to detect weak-minded people taking advantage of the high dollar prices." 

 

640 views
Added 05/14/2023 - 8:31 AM
  • Thanks 1
Link to comment
Share on other sites

Expert "evaluates" the Ministry of Interior's decision to prevent commercial shopping in dollars - urgent

1675843156167515604116747242371674714353

 

Baghdad Today - Baghdad

Economist Nabil Jabbar al-Tamimi said on Sunday that preventing traders and citizens from dealing in dollars in the local market will strengthen the Iraqi dinar.

Al-Tamimi told Baghdad Today that "many countries are working to strengthen the national currency by preventing any dealing in foreign currencies, and this is the case in most countries, and this will strengthen the Iraqi dinar, so it will be dealt with only in the local market."

He pointed out that "dealing with the national currency and the dollar has serious economic effects on the strength of the national currency, and may be a reason for the collapse of the value of the national currency, as happened in Lebanon recently, and for this step aims to strengthen the Iraqi dinar in local dealing."

The Ministry of Interior prevented traders and citizens from dealing in dollars in markets and shops and limited this process to dinars and limited dealing in dollars exclusively in the Central Bank of Iraq and exchange offices licensed by it.

Despite a previous decision by the Central Bank to amend the dollar exchange rate, according to which the purchase price from the Ministry of Finance should be 1300 dinars per dollar and sold for (1310) dinars to banks through the electronic platform, and then sold at (1320) dinars to the final beneficiary, there is a great discrepancy with the prices traded in the local markets, where the value of sale reaches 147 thousand dinars and purchase to 145 thousand and 250 dinars per 100 dollars.

  • Haha 1
Link to comment
Share on other sites

"Iraqi Dinar support Campaign" Launches in Diyala

Economy | Today, 10:53 AM | 

    "Iraqi Dinar support Campaign" Launches in Diyala » Baghdad News Agency Today (baghdadtoday.news)
1684137469_untitled.jpg

 

Baghdad Today - Baghdad

The Directorate of Organized Crime announced on Monday the implementation of a major campaign in conjunction with the Diyala police to deal with dinars instead of dollars.

The directorate said in a statement received by (Baghdad Today), that "the detachments of the General Directorate of Organized Crime, in conjunction with the Department of Relations and Media, carried out an awareness campaign to urge citizens, merchants and shop owners in the city of Baqubah to deal in Iraqi dinars instead of the dollar aimed at reducing the exploitation of the weak souls of the disparity in dollar prices and their sale of goods or materials of all kinds in this currency."

According to the statement, the official spokesman for the Police Command, Colonel Haitham al-Shammari, confirmed that "this campaign comes within a series of measures launched by the Ministry of Interior in coordination with the Central Bank under the title "Campaign to support the Iraqi Dinar."

  • Thanks 2
  • Upvote 1
Link to comment
Share on other sites

20 hours ago, Laid Back said:

“The Organized Crime Directorate at the Ministry of Interior issued a circular banning merchants and citizens from dealing in markets, shops and commercial centers in dollars and limiting this process to dinars, and this comes within the campaign it launched." The ministry, in coordination with the Central Bank, under the title of supporting the Iraqi dinar.”

 

In my opinion 

The only way to make this work, is making the dinar value equal or higher than the dollar.

 

Go CBI

Go new monetary policy 

Go De-dollarization

Go Stronger Dinar $1+

yep but some people just cant seem to see it so stuck in negativity its 🤣

  • Thanks 2
Link to comment
Share on other sites

A campaign to adopt the dinar instead of the dollar locally. Sudani's office reveals its objectives

20230408_051828-158.jpg

Baghdad Today - Baghdad

Security forces and members of the Organized Crime Directorate continue their campaign in cities, urging and motivating citizens to deal in dinars instead of dollars, in addition to monitoring the market to prevent the exploitation of traders, some of whom raise and lower prices based on exchange rate fluctuations.

On Monday, the Directorate of Organized Crime announced the implementation of its "major" campaign in Diyala province, coinciding with its launch in the provinces of Maysan, Babil, Nineveh and Dhi Qar.

"Its detachments carried out an awareness campaign to urge citizens, merchants and shopkeepers in the city of Baqubah to deal in Iraqi dinars instead of the dollar, to reduce the exploitation of the weak souls of the disparity in the price of the dollar, and their sale of goods or materials of all kinds in this currency," the directorate said.

Several parties, including the National Security Agency, the Ministries of Trade, Interior and Planning, and the Central Bank of Iraq, are participating in this campaign under the title "Campaign to support the Iraqi Dinar".

In January, Prime Minister Mohamed Shia al-Sudani confirmed that "the government will return the dollar exchange rate to what it was," calling on citizens not to acquire the dollar, because "the dinar is stronger," noting that "international standards and the relationship between the Central Bank with the Federal Reserve and the US Treasury, to control the movement of money, which traders find difficult to deal with, led to a rise in the exchange rate."

"The campaign aims to stabilize the dinar as a currency for trading in the sale and purchase of cars, homes, electrical appliances, construction materials, and everything related to commercial and economic work in the Iraqi market," a source close to al-Sudani's office said.

He explained that "the current government plans to control the dollar, in order to achieve development and enable the value of the Iraqi dinar, by expanding the scope of its commercial uses, in addition to preventing the smuggling of dollars abroad or storing them and manipulating prices."

The source, who asked not to be named, added that "the campaign will continue for months, and may be fixed, especially since there are many problems in the Iraqi market, as a result of the control of traders on the dollar and dealing with it with the neglect of the local currency, which led to the decline in the value of the dinar," explaining that "sanctions will be exposed to those who do not comply with the new procedures, and the goal is to stabilize the level of prices to protect the purchasing power of citizens."

The official media in Iraq quoted a statement by the director of the operations department in the Directorate of Organized Crime, Brigadier General Hussein Al-Tamimi, in which he said that "the Ministry of Interior issued a circular to prevent traders and citizens in markets, shops and commercial centers from dealing in dollars, and to limit this process to dinars, as part of the campaign launched by the ministry in coordination with the Central Bank under the title (support for the Iraqi dinar)," explaining that "written pledges have been taken from the owners of shops and commercial centers that dealing in dinars instead of dollars."

The Central Bank of Iraq also issued a statement urging traders to "go towards establishing commercial companies at the Companies Registration Department, to ensure that their requests are met through the window for buying and selling foreign currency smoothly and at the official price, and the need for citizens to acquire electronic payment cards, and settle their various obligations through them."

"Follow up on the situation of the exchange rate, and develop appropriate solutions to any problems it encounters, and that those who refrain from buying from official platforms may have illegal dealings," he said.

Despite the government's decisions in Iraq to control the value of the dinar against the dollar, they have not come to fruition, as the value of the dinar continues to deteriorate.

On Sunday, the Baghdad Stock Exchange recorded a rise in the value of the dollar against the dinar, at a rate of 146,100 dinars per <> dollars.

  • Thanks 2
  • Upvote 3
Link to comment
Share on other sites

i must be missing something in all the articles that talk how strong the iqd is and use it instead of the other dual iraqi currency (usd) thats flooded the country and that has 1,310 times more purchasing power than the iqd , heck idk maybe the iqd has some special incountry xchange rate :jester:

  • Haha 2
  • Upvote 1
Link to comment
Share on other sites

 
The CBI and the Prime Minister continues complaining about the dollar price and the black market.

 

As long as the dollar is stronger than the Iraqi dinar, people will continue using the dollar and the black market.

 

REMOVE EXCHANGE CONTROL 

  • Thanks 1
  • Upvote 5
Link to comment
Share on other sites

Iraqis banned from dealing in US dollars

Government warns of punishments as it tries to control currency crisis that has led to price rises

Money changers and customers at a foreign currency exchange market in Baghdad. Reuters

Money changers and customers at a foreign currency exchange market in Baghdad. Reuters

Sinan Mahmoud

The Iraqi Interior Ministry has banned people from dealing in US dollars in the latest move by authorities to control a fluctuating black market exchange rate.

The surprise announcement on Sunday reflects an attempt to close the gap between the official exchange rate and that on the black market, which has fuelled high prices and caused anger.

“The dinar is the national currency in Iraq,” the ministry said. “Your commitment to transact in it instead of foreign currencies boosts the country’s sovereignty and economy.”

It said dealing in other currencies “is a violation that is punishable by law” and threatened to “hold accountable anyone who attempts to undermine the Iraqi dinar and the economy”.

The Interior Ministry's Anti-organised Crime Directorate has sent its forces to markets across Baghdad and other cities, asking traders to sign a pledge to sell goods

only in dinar, Brig Gen Hussein Al Tamimi told The National.

 

“The widespread campaign aims at protecting the dinar,” said Mr Al Tamimi who heads the directorate's operations department. He said representatives from the Central Bank of Iraq and the Interior Ministry's intelligence department joined the patrols.

Those who breach the pledge will face a fine of one million Iraqi dinar (around $680), he added.

“If the violator repeats it he will face an imprisonment penalty of up to one year plus the one-million Iraqi dinar financial fine,” he added. “In case of a third violation, that penalty will be doubled and we will have the business licence turned.”

Market dealings in the dollar went underground on Monday and exchange offices, fearing arrest by undercover agents, were selling dollars only to trusted clients, at the black market rate.

The Gulf War in 1991, followed by harsh UN-imposed economic sanctions and the US-led invasion in 2003, caused a substantial devaluation of the Iraqi dinar. As a result, Iraqis have turned to the US dollar. A wide range of dealings, from wholesale trading to retail purchases, are settled with it.

During the past six months, the Iraqi government has been attempting to stop a currency crisis that has led to an increase in the prices of goods, and brought protesters out on to the streets.

Since later November, the Iraqi dinar has experienced added volatility after the US's tightening of procedures for international transfers, with some blaming Washington for the dinar's problems.

The US has complained that the dollar is being funnelled to Iran, Syria and Lebanon through the foreign currency auction run by the Central Bank of Iraq. Iran and Syrian are under US sanctions.

Since then, the Federal Reserve Bank of New York has applied strict measures on requests for international transactions from Iraq, rejecting many and delaying others, leading to an increased demand for the US dollar in Iraq.

It has also blacklisted several Iraqi banks suspected of money laundering and of carrying out suspicious transactions.

Baghdad-resident Mohammed Hassan Jaafar wants to buy a house and says he is uncertain what to do, as the estate agent wants to be paid in dollars.

“For decades, everything here is pegged to the dollar and there are things, such as properties or cars, the owners ask to be paid in dollars in order to be on the safe side in terms of inflation or to have less banknotes in hand in comparison to the amount of money they get in dinars,” said Mr Jaafar, 55.

“There are people, like me, who don't meet the criteria set by the Central Bank to buy dollars at the official rate so we go to exchange offices to buy at the black market rate,” he added, referring to the CBI measures to sell dollars to merchants for importing goods or to people who were travelling abroad.

The Iraqi government blames the US for the dollar chaos. It has taken a series of unsuccessful measures to contain the public's anger.

Security forces raided Baghdad's biggest markets for the US dollar and arrested several traders, accusing them of manipulating the prices.

While the official exchange rate is fixed at 1,300 dinars against the dollar, the currency was trading at about 1,470 on the black market on Sunday.https://www-thenationalnews-https://www-thenationalnews-

  • Thanks 1
  • Upvote 1
  • Pow! 3
Link to comment
Share on other sites

Iraq bans US dollar transactions to boost local currency

Iraq bans US dollar transactions to boost local currency

10,000 Iraqi dinar bills. Photo: AFP

Baghdad (IraqiNews.com) – The Iraqi Ministry of Interior imposed a ban on the use of US dollars in personal and commercial transactions in Iraq.

According to local reports, the ban, which came into force last Sunday, aims to promote the use of the local currency, the Iraqi dinar, and limit the use of the US dollar in Iraq.

The measure is expected to reduce the difference between the official exchange rate offered by the government and the exchange rate in the black market, a difference that has driven up prices.

The Iraqi Ministry of Interior mentioned in a statement that the Iraqi dinar is the national currency in Iraq, and the commitment to dealing with local currency enhances the sovereignty and economy of the country.

The Interior Ministry also indicated that dealing in currencies other than the Iraqi dinar is punishable by law and that it is committed to holding those trying to undermine the Iraqi currency and the economy accountable.

To impose this ban, the Interior Ministry’s Anti-Organized Crime Directorate requested merchants to sign undertakings, affirming that they will conduct their businesses only using Iraqi dinars.

Director of operations in the Anti-Organized Crime Directorate, Hussein Al-Tamimi, said that violating merchants will be fined one million Iraqi dinars (about $680).

Al-Tamimi added that if the violation is repeated, harsher penalties, including imprisonment, will be applied. 

 
  • Like 3
  • Thanks 1
  • Upvote 3
  • Pow! 5
Link to comment
Share on other sites

1 hour ago, KristiD said:

Wowzer!  I follow an Iraqi youtuber who reported today that the dinar is now floating, but he gave no source for the information, so I was skeptical.  But then I found the following article just now, so I came here to see what people are saying.  Thank you 6l6410 for starting this thread!!  Below there are more details about how this new law banning USD will work in Iraq.  I think this is fantastic news!  If Iraq is successful in de-dollarizing, I would think the IQD will have to start floating with the market and stop being pegged at IQD1310 to US$1 by the CBI.  What do other people think?  Interesting that this happened Sunday, but reports are just now coming out late Tuesday.  I wonder how well this is working so far...  I just checked CBI.IQ and the rate today is still 1310.  But wow!  I think and hope this if finally the start of our long awaited RV!  I just read an article a few days ago that Iraq is the 3rd largest producer in the Middle East (including everything, not just oil).  Surely their dinar is worth a lot more than the current stated value of .00076 of $1USD.  If the de-dollarization is successful, I wonder how fast the IQD will start to rise...  USD https://thecradle.co/article-view/24880/iraq-bans-us-dollar-transactions-in-latest-move-towards-de-dollarization

Iraq bans US dollar transactions in latest move towards ‘de-dollarization’

The Interior Ministry has said that violators of this ban will be subject to legal punishment, including fines and even jail time

 

The Iraqi government issued a ban on 14 May outlawing the use of the US dollar for both personal and business transactions, coming as part of a growing ‘de-dollarization’ trend and an overall decline in Washington’s economic influence.

The ban was enforced on 14 May and aims to boost the use of Iraq’s local currency, the dinar.

 

It is also designed to reduce the gap between the official government exchange rate and the exchange rate offered by the black market, which continues to fluctuate and has resulted in price surges.

In a statement, the Iraqi Interior Ministry said: “The dinar is the national currency in Iraq. Your commitment to transact in it instead of foreign currencies boosts the country’s sovereignty and economy.”

 

The ministry added that anyone dealing in currencies other than the local currency would be subject to legal punishment and said that it is committed to “hold accountable anyone who attempts to undermine the Iraqi dinar and the economy.”

In order to properly enforce the ban, the Interior Ministry’s Crime Directorate has requested that traders sign agreements assuring the government that they will conduct transactions in local currency only.

 

According to General Hussein Al-Tamimi of the Crime Directorate, violators of these pledges will be forced to pay a fine of one million Iraqi dinars, adding that repeat offenders may be subject to prison time.

 

“If the violator repeats it, he will face an imprisonment penalty of up to one year plus a one-million Iraqi dinar financial fine. In case of a third violation, that penalty will be doubled, and we will have the business license turned,” the official added.

US dollars are already scarce in the country’s official markets as a result of recently imposed measures by Washington to control the movement of dollars inside Iraq.

 

While the new government of Mohamed Shia al-Sudani has moved swiftly to contain the financial fallout, these US policies have given rise to a debate inside Iraq about the benefits of de-dollarization.

 

Iraqi MP and member of the Finance Committee in Iraq’s Council of Representatives, Hussein Mouanes, told The Cradle in an exclusive interview earlier this month that “Iraq has been and continues to be a slave to the US dollar … every country’s economic strength depends on the strength of its currency.”

 

“It is clear that Iraq is economically dominated by the US, and our government does not truly control or have access to its own money … We believe that it is crucial to move away from the hegemony of the dollar, especially as it has become a tool to impose sanctions on countries. It is time for Iraq to rely on its local currency,” he added.

 

Absolutely HUGE. The horse seems to have bolted out of the barn and we're all a couple days late in knowing about it.

Thanks for the great news KristiD and 6l6410!

  • Like 1
  • Thanks 1
  • Upvote 6
  • Pow! 2
Link to comment
Share on other sites

2 hours ago, KristiD said:

Wowzer!  I follow an Iraqi youtuber who reported today that the dinar is now floating, but he gave no source for the information, so I was skeptical.  But then I found the following article just now, so I came here to see what people are saying.  Thank you 6l6410 for starting this thread!!  Below there are more details about how this new law banning USD will work in Iraq.  I think this is fantastic news!  If Iraq is successful in de-dollarizing, I would think the IQD will have to start floating with the market and stop being pegged at IQD1310 to US$1 by the CBI.  What do other people think?  Interesting that this happened Sunday, but reports are just now coming out late Tuesday.  I wonder how well this is working so far...  I just checked CBI.IQ and the rate today is still 1310.  But wow!  I think and hope this if finally the start of our long awaited RV!  I just read an article a few days ago that Iraq is the 3rd largest producer in the Middle East (including everything, not just oil).  Surely their dinar is worth a lot more than the current stated value of .00076 of $1USD.  If the de-dollarization is successful, I wonder how fast the IQD will start to rise...  USD https://thecradle.co/article-view/24880/iraq-bans-us-dollar-transactions-in-latest-move-towards-de-dollarization

Iraq bans US dollar transactions in latest move towards ‘de-dollarization’

The Interior Ministry has said that violators of this ban will be subject to legal punishment, including fines and even jail time

 

The Iraqi government issued a ban on 14 May outlawing the use of the US dollar for both personal and business transactions, coming as part of a growing ‘de-dollarization’ trend and an overall decline in Washington’s economic influence.

The ban was enforced on 14 May and aims to boost the use of Iraq’s local currency, the dinar.

 

It is also designed to reduce the gap between the official government exchange rate and the exchange rate offered by the black market, which continues to fluctuate and has resulted in price surges.

In a statement, the Iraqi Interior Ministry said: “The dinar is the national currency in Iraq. Your commitment to transact in it instead of foreign currencies boosts the country’s sovereignty and economy.”

 

The ministry added that anyone dealing in currencies other than the local currency would be subject to legal punishment and said that it is committed to “hold accountable anyone who attempts to undermine the Iraqi dinar and the economy.”

In order to properly enforce the ban, the Interior Ministry’s Crime Directorate has requested that traders sign agreements assuring the government that they will conduct transactions in local currency only.

 

According to General Hussein Al-Tamimi of the Crime Directorate, violators of these pledges will be forced to pay a fine of one million Iraqi dinars, adding that repeat offenders may be subject to prison time.

 

“If the violator repeats it, he will face an imprisonment penalty of up to one year plus a one-million Iraqi dinar financial fine. In case of a third violation, that penalty will be doubled, and we will have the business license turned,” the official added.

US dollars are already scarce in the country’s official markets as a result of recently imposed measures by Washington to control the movement of dollars inside Iraq.

 

While the new government of Mohamed Shia al-Sudani has moved swiftly to contain the financial fallout, these US policies have given rise to a debate inside Iraq about the benefits of de-dollarization.

 

Iraqi MP and member of the Finance Committee in Iraq’s Council of Representatives, Hussein Mouanes, told The Cradle in an exclusive interview earlier this month that “Iraq has been and continues to be a slave to the US dollar … every country’s economic strength depends on the strength of its currency.”

 

“It is clear that Iraq is economically dominated by the US, and our government does not truly control or have access to its own money … We believe that it is crucial to move away from the hegemony of the dollar, especially as it has become a tool to impose sanctions on countries. It is time for Iraq to rely on its local currency,” he added.

 

I also watched the above mentioned video and was skeptical but now it makes sense on why, due to the article being a few days late coming out. This is HUGE NEWS!! Everyone seems to be on the same thought process that it is happening right now and is unfolding rapidly. GO RV/RI

  • Upvote 8
  • Pow! 4
Link to comment
Share on other sites

7 hours ago, Bama Girl said:

Encouraging of course, but will keep my eye on the CBI rate. Would love to begin June or July with more money in the bank but I’ve learned the hard way to hold my excitement until we see the official rate at the CBI.

exactly...we watch the cbi or xe.com

  • Upvote 1
Link to comment
Share on other sites

Join the conversation

You can post now and register later. If you have an account, sign in now to post with your account.
Note: Your post will require moderator approval before it will be visible.

Guest
Reply to this topic...

×   Pasted as rich text.   Paste as plain text instead

  Only 75 emoji are allowed.

×   Your link has been automatically embedded.   Display as a link instead

×   Your previous content has been restored.   Clear editor

×   You cannot paste images directly. Upload or insert images from URL.

Loading...
 Share

  • Recently Browsing   0 members

    • No registered users viewing this page.



  • Testing the Rocker Badge!

  • Live Exchange Rate

×
×
  • Create New...

Important Information

By using this site, you agree to our Terms of Use.