Seizing the dollar and violating the law: The Association of Banks “evades” its duties and remains silent

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POSTED ON 2023-10-08 BY SOTALIRAQ

Seizing the dollar and violating the law: The Association of Banks “evades” its duties and remains silent

Today, Sunday (October 8, 2023), expert in banking affairs, Ahmed Al-Tamimi, criticized the Iraqi Banks Association for not taking any position on what some private banks are working on to illegally acquire the dollar.

Al-Tamimi said, “Some private banks are working to illegally seize the dollar. They take the share of the traveling citizen and do not give it to him. Also, some banks refuse to hand over to the citizens the remittances that reach them in dollars, and all of this violates the law.”

The expert in banking affairs stated, “The Iraqi Banks Association bears a large part of the illegal behavior that is happening in some private banks, especially since it has not yet taken any role from those banks. Rather, it remains silent and tries to evade its role in following up on the work of those banks.” “.

Private banks are accused of occupying the largest part of the currency selling window, especially for the cash dollar, which has become extremely difficult for travelers to obtain, which forces them to buy the dollar from the parallel market, while the travelers’ share of the dollar in these banks goes for the purpose of speculation.

Economist Sarhang Hussein earlier accused the Association of Private Banks of being behind the rise in dollar exchange rates in the parallel (black) markets.

Hussein said, “The process of buying dollars with cards by merchants and granting them to private banks is behind the rise in the dollar exchange rate again.”

He added, “It is clear that private banks do not want the exchange rate to fall, as they are the largest beneficiaries of the advantage granted to them by the Central Bank, as they buy the dollar at the official price, and it is sold to the citizen at a very large difference,” holding the “Association of Private Banks responsible.”

It is noteworthy that the exchange rate of the dollar in the parallel (black) markets has risen again, as the markets recorded 1,600 dinars per dollar, even though the Central Bank of Iraq sells it for 1,320 dinars.

[yota691]

Seizing the dollar and violating the law: The Association of Banks “evades” its duties and remains silent

Economy |Today, 13:44 |

    

 

Baghdad today - Baghdad 

Today, Sunday (October 8, 2023), expert in banking affairs, Ahmed Al-Tamimi, criticized the Iraqi Banks Association for not taking any position on what some private banks are working on to illegally acquire the dollar.

 

Al-Tamimi told "Baghdad Today", "Some private banks are working to illegally seize the dollar. They take the share of the traveling citizen and do not give it to him. Also, some banks refuse to hand over to the citizens the remittances that reach them in dollars, and all of this violates the law."

 

The expert in banking affairs stated, “The Iraqi Banks Association bears a large part of the illegal behavior that is happening in some private banks, especially since it has not yet taken any role from those banks. Rather, it remains silent and tries to evade its role in following up on the work of those banks.” ".

 

Private banks are accused of occupying the largest part of the currency selling window, especially for the cash dollar, which has become extremely difficult for travelers to obtain, which forces them to buy the dollar from the parallel market, while the travelers’ share of the dollar in these banks goes for the purpose of speculation.

 

Economist Sarhang Hussein earlier accused the Association of Private Banks of being behind the rise in dollar exchange rates in the parallel (black) markets.

 

Hussein told "Baghdad Today", "The process of buying the dollar with cards by merchants and granting these to private banks is behind the rise in the dollar exchange rate again."

 

He added, "It is clear that private banks do not want the exchange rate to fall, as they are the largest beneficiaries of the advantage granted to them by the Central Bank, as they buy the dollar at the official price, and it is sold to the citizen at a very large margin," holding the "Association of Private Banks responsible."

 

It is noteworthy that the exchange rate of the dollar in the parallel (black) markets has risen again, as the markets recorded 1,600 dinars per dollar, even though the Central Bank of Iraq sells it for 1,320 dinars.

 

Source: Baghdad Today