Central Bank: the black market to dominate the Iraqi economy

06/02/2012

The independent Iraqi news agency / Baghdad / a. M ... The Central Bank of Iraq to the black market is the dominant economic transactions taking place in the country, in reference to find the application of the bank's decision to disclose trading in hard currency.

The deputy governor of the Central Bank of appearance of Dr. Mohammed Saleh told a news briefing transferred reporter (and the Iraqi news agency, independent) to the black market is dominant on the Iraqi economy by virtue of economic transactions large taking place in the market, noting that when we asked the banks to bring instruments to find out who buys the dollar did not come to us from sales of $ 300 million only three million dollars.

However, for some transactions on the black market is contrary to the laws, but traders insist on hiding from formal institutions because of low culture, economic and tax evasion, he said, adding that it is unfortunate to note that everyone prefers to work in the dark and away from light, and in Iraq there are dealers buying and selling millions of dollars but avoid opening a bank account to identify themselves.

The Deputy Governor of the Central Bank that a lot of traders entering the windows of the central bank through banks the names of others or using aliases or through a fictitious company, although some of them practiced business operations are correct, but there is a fear of openness with the official institutions, in addition to those who violate the laws and practice illegal activities.

The central bank took the decision to compel banks to disclose their customers who buy foreign currency, after what was known of the smuggling of large hard currency to Syria and Iran after the economic sanctions that have increased global demand for the dollar in these countries.

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