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).”