By John Lee.
The Central Bank of Iraq (CBI) has identified irregularities in the operations of several exchange companies regarding the sale of U.S. dollars allocated to travellers.
A recent audit and monitoring of company practices revealed that some exchange firms have been charging citizens a commission of 50,000 dinars for purchasing dollars, double the amount stipulated by official directives.
According to Circular No. 8003/1/9, issued on July 11, 2024, the Central Bank had clearly instructed exchange companies to collect a commission of only 25,000 dinars from citizens when purchasing foreign currency. The current overcharging practices have been deemed in violation of these regulations.
The Central Bank has emphasized that these directives were introduced to streamline the process for citizens and ensure smooth, transparent transactions. Exchange companies found to be non-compliant with these guidelines risk exclusion from participating in the official foreign currency buying and selling system in the future.
The Central Bank has urged all companies to promptly adhere to the official directives to avoid further sanctions. This move underscores the institution's commitment to maintaining order and fairness in Iraq's currency exchange markets.
(Source: CBI)
Maybe one day but they will try to make sure it doesnot benefit non Iraq citizens. You realize they have already said it is illegal to hold their currency outside of their country. Therefore ,they will not reconize anyone,country or entity trying to exchange what they shouldn't have had in the first place. Any group that says they could do this exchange for you would probably take your money and run . People of the world should have never helped this ungrateful country . Propping them up financially by buying into this Dinar re-evaluation scam . And why would this country pay out trillions of dollars at that time when they dont have to? It's not like they have had any type of honest accountability in their governing body over the recent years .
A lot of angry people if not.
What are you referring to ?many people out of Iraq hold their currency.
Nadine, how is buying the dinar propping them up financially?
People bought the dinar out of greed, not because they wanted to help Iraq.
And if they were stupid enough to believe the lies told by (mostly American) scam artists, then that is sad.
Number one you got an attitude, number two based on the banking world. We know one thing for sure Iraq does in fact want to join the world trade and has been accepted. They are required to revalue their currency and make a tradable therefore any currency that is tradable can be exchanged including the AKA dinar.
If by "join the world trade" you mean the World Trade Organization (WTO), show me where it says they are required to revalue. Hell, even Zimbabwe is in the WTO - LMAO. But no, you can't show me that because it's nonsense.
Homie's inability to make an argument (or even a decent sentence) should tell you all you need to know about the sort of people who push this scam.
Interesting discussion - thanks all!
You can find more information on The Dinar Page: https://www.iraq-businessnews.com/the-dinar-page/?swcfpc=1
Zimbabwe's currency is called zig and is trading at 0.13 it's there new currency