The continuation of “insults to the dollar” will force us to undertake a mass migration. Representative of the Association of Exchange Companies. 28 NOV

 The continuation of “insults to the dollar” will force us to undertake a mass migration. Representative of the Association of Exchange Companies

The representative of the Association of Exchange Companies, Dhia Al-Taie, said that the lack of coordination between the security forces and the Central Bank, and the continued exposure of companies to “repeated insults” will lead to a mass exodus of capital from Iraq, stressing that the work of these companies is still completely halted.

 Al-Taie in an interview with journalist Adnan Al-Taie:

Exchange companies operate internally, and they number 2,100 companies. If 10% of them are abusive, that does not mean that all of them are abusive, and it cannot be said that they are the cause of the dollar crisis in Iraq.

The Fed's report was clear and did not identify exchange companies among the offending parties.

We obtain the dollar in two ways, the first is the traveler’s dollar, and there is a 100% secure platform and a webcam that monitors the process, so it cannot be tampered with. The second way is the dollar circulating in the market, which prevented us from dealing with it currently, so our work stopped completely.

More than 95% of exchange companies have real capital and their owner works directly, and these companies obtain dollars from banks as an intermediary.

We have an A-class exchange company in Amara, with a capital of 5 billion, and a share of 700 thousand dollars from the Central Bank. I obtained it with an official letter and a sequence of numbers. When the owner of the company passed control in Kut, they stopped him, arrested him, and threw him in prison despite all the official papers he possessed. Then He was released on bail after 3 days, but the amount is still withheld at the center, which means that the official and unofficial dollars are treated in the same way, so how will we work as exchange companies?

A ticket, a visa, and a passport, and you will get the travelers dollar from any exchange company in Baghdad, but despite that, there is a terrible and frightening hatred against the exchange companies.

We appeal to the need for there to be coordination between the Central Bank and the security forces so that they do not implement the bank’s instructions, as well as the activation of the team approved by the Prime Minister.

If exchange companies continue to be subjected to the same humiliation, this will lead to a mass exodus of capital.   link