Indomie And Dollar Smuggling: Has Fast Food Become A Cover For Currency Smuggling From Iraq?, 13 NOV

 Indomie And Dollar Smuggling: Has Fast Food Become A Cover For Currency Smuggling From Iraq?

Posted on 2024-11-11 by sotaliraq  Economic expert, Nabil Al-Marsoumi, raised questions about the significant increase in Iraq’s imports of Indomie, and its possible connection to the smuggling of dollars abroad.

According to data from the General Authority of Customs, Iraq imported about 64,185 tons of Indomie during 2023 from all border crossings, except for the Kurdistan Region, at a cost of $17.7 million, or the equivalent of 23.6 billion dinars, recording an increase of 18% over 2022.

Al-Marsoumi points out, in a blog post, that the value of Indomie imports may exceed $50 million annually, given that two-thirds of imports pass through Kurdistan ports and unofficial ports, without being registered with the General Authority of Customs.

It is believed that the import bills for Indomie carry huge amounts that may be much higher than the announced figures.

This discrepancy surprised the US Federal Reserve, which in turn wondered whether these imports reflect a real demand from Iraqis for Indomie, or whether they are an indirect means of smuggling dollars abroad.   LINK