An economist warns of smuggling dollar currency through remittances

Information / Baghdad… The economic expert, Nasser Al-Kinani, warned against smuggling the dollar currency through private exchange transfers, pointing to the importance of opening credits for merchants and transferring the dollar to the country from which it is intended to be imported without giving the dollar cash.

Al-Kinani told Al-Maalouma, that “controlling the exchange rate of the dollar needs to take measures by the central bank by setting controls by banks that give dollars to merchants, as well as controlling stock exchanges and preventing dollar smuggling.”

He added, “Many money changers are working to smuggle the dollar currency by transferring it to another country, while the dollar is supposed to be given to merchants through official outlets and at the price specified by the state to ensure that it is not smuggled.”

And Al-Kinani stated, “Trading in dollars should be through official transfers from the central bank and its affiliated banks, so that the dollar is not given to the merchant in cash, but rather it is transferred by opening credits for each merchant so that the amounts are transferred to the dollar to be imported from.”

Almaalomah.me