Iraq May Legislate on Currency Exchange

According to a report from AKnews, a number of bankers in Baghdad have demanded that the Iraqi parliament legislates to regulate and protect their businesses from market changes because of the sudden decisions taken by the Iraqi government.

Ali Abdul-Zahra, owner of an foreign exchange bureau, told AKnews that banking in Iraq is still precarious and that regulation is needed on the opening of forex services.

“The law is supposed to prevent any economic decision that may disrupt the currency market which negatively affects the work of the offices.”

“The circulation of hard currency (dollar) at the present time follows the decisions taken by the Iraqi government in particular with regard to the entry of goods into the country.”

fadil Taher, the owner of Qusour Exchange office in Baghdad told AKnews that “the exchange work in Iraq is subjected to unjustified controls and in need of great facilities by the concerned authorities.”

“The banking offices suffer from the problem of mobile money-changers who affect the Iraqi market and this must be addressed by the Iraqi government to prevent the currency exchange outside of regulated offices.”

“The well-known banks do not deal with unknown external financial dealers and they work according to the regulations of money laundering law, which is adopted by the Iraqi Central Bank (ICB).”

One Response to Iraq May Legislate on Currency Exchange

  1. Iraq Dinar Investor March 30, 2011 at 9:53 am #

    All,

    I’ve been buried once again with emails due to the controversial article that compared the Bernie Madoff ponzi scheme with investing in the Iraqi Dinar. I placed it yesterday in the “News“ section of the site. I’m posting this to give you all clarity about why and where I posted it.

    [Advertising and promotion of another website removed by the Editor] As such, that includes those things that may not make us feel to comfortable about our investment. As such, I felt an obligation to post it so all could be made aware of another perspective and argument. Posting it was the responsible thing despite my not agreeing with the guy’s take.

    Secondly, because it’s a news article, I posted it there. Trust me when I say this… just because it’s placed in the “News” section, doesn’t mean I believe it. I know I have “Doozies” and “Rumors“ sections that make it obvious how I feel about certain information shared, but the “Chats & Posts“, and “News Articles” sections have equally misleading information placed in them daily. Because I have no way of verify all information placed on the site, I put it in the most appropriate place on the site. In this case, I felt the “News” section was most appropriate.

    Thirdly, each of you needs to understand your own reasons for investing, why you’ve invested, and who you feel you should trust on this wild ride. I can’t tell you want to believe. I can only tell you how I personally feel. As far as the Bernie Madoff comparison article, here’s what I think… personally:

    Comparing the Bernie Madoff ponzi scheme to investing in the Iraqi Dinar is a complete joke, and for the writer to even suggest it tells me one of the following things…
    He has no clue about the Iraqi Dinar
    He is jumping to conclusions without truly understanding what makes this investment tick
    He doesn’t understand any investor at any time can sell their Dinars back through a dealer or participating banks at the then market purchase rate.
    He doesn’t understand investing in Dinar is simply moving money from one currency to another, and as such people
    He doesn’t understand that purchasing Dinar is nothing more than moving if from one form to another (i.e. from USD to IQD).
    He feels somehow he’s been taken advantage of in this… maybe a shady dealer sold him Dinar over the market rate?
    He doesn’t understand this isn’t a “centralized” investment. No one person is driving interest in the Dinar. There are MANY banks, dealers, currency exchange counters, secondary market, and even eBay buyers and sellers who participate in this investment.
    He’s unaware of the way the UN, IMF, World Bank, Forex, and other currency markets work, and that what we’re “speculating” about has happened time and again since the world currency markets came into existence. It happens to only be now that more of the public are aware of this event, due to the extreme and concerning state of the world’s monetary system.
    He doesn’t understand Iraq is free to do with their currency as they wish.
    He doesn’t know anything about the country of Iraq, and that they are soon to be one of the richest countries on the planet.
    He doesn’t understand market economies, and that Iraq can’t and won’t continue to live in poverty and hold such an invaluable currency.
    He doesn’t understand that Iraq was blown to bits by the USA and its allies. As such they need to rebuild in the least expensive way possible, all the while bringing true value and encouragement to their citizens.
    He must not know that poverty breeds violence… wealth breeds cooperation and hope.
    I could go on, but I think you get my drift. Hang in there, and please learn to think critically. I’ve quoted this before, and I’ll quote it again… “If ye are prepared, ye shall not fear”. Such is the case here. Arm yourselves with knowledge. Stay firm in YOUR reasons for doing what you do. Don’t invest more than you can afford to lose or do without for any extended period of time. Continue to expose yourself to all information about your investment, both encouraging and disappointing. This way you will never be caught off guard, and will always be prepared.

    Go Clarification… Go Truth… Go Explanations… Go Dinar!

    Dinar Daddy