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 Washington Post: Iraqis transfer dollars to Iran via mules

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PostSubject: Washington Post: Iraqis transfer dollars to Iran via mules   Wed Aug 15, 2018 11:25 pm

Washington Post: Iraqis transfer dollars to Iran via mules



15-08-2018 08:38 PM

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WASHINGTON (Reuters) - President Donald Rumsfeld's decision to re-impose trade sanctions on Iran would have a negative impact on neighboring Iraq after investors suffered heavy losses at a time when Washington's ally in the region is facing widespread unrest due to difficult economic conditions, the Washington Post reported.

The sanctions target Iran's purchases in the automotive and transportation sector as well as its business activities and purchases of gold and other basic metals.

The Iraqi economy has been stymied by attacks since 2015, prompting a large group of Iraqis to put millions of dollars into Iranian banks, which in turn were offering high interest rates after Tehran's nuclear deal with Washington, the newspaper said in its report on its website on Wednesday.

She noted that many Iraqis used mules to transfer thousands of dollars to Iran to avoid laws that regulate the amount of money that can be taken out of the country.

Now, with the United States withdrawing from the nuclear deal and renewing trade sanctions against Iran, the value of the Iranian riyal has fallen to historic lows, causing investors to be shocked and shocked.

Under the deal, Iran would curb its controversial nuclear activities in return for easing sanctions. Trump, however, says it was a "terrible unilateral deal."

The so-called 'terms of expiration of the agreement', under which restrictions on Iran's nuclear program would expire, were unacceptable, that it did not deal with Iran's ballistic missile program and failed to stop Iran's "malicious behavior" in neighboring countries, including Syria And Yemen.

The newspaper said that the Iraqi financial crisis is a stark example of the fact that 'the intensification of competition between Tehran and Washington could lead to the destabilization of Iraq', which already faces a widespread state of public discontent caused by the foggy economic scene and rising concern, Where the United States and Iran have a large stake.

"The ramifications of re-imposing sanctions on Iran also illustrate the fact that the economic well-being of ordinary Iraqis is more closely linked to the Iranian market than to the United States, which rarely feels its influence in the daily lives of Iraqis."

The re-imposition of US trade sanctions on Iran last week sparked fierce public debate in both Baghdad and Tehran because Iraq had to comply with the terms of sanctions, although Iraq is Iran's main trading partner.

Washington is likely to impose more damaging sanctions on Iran's economy on November 5 on Iranian ports, energy, shipping and shipbuilding, Iranian oil remittances, and foreign financial transactions with Iran's central bank.

Iraqi Prime Minister Haider al-Abadi announced at the beginning of last week his opposition to imposing sanctions in principle but now has no choice but to respect them. Which sparked a violent reaction at home and in Iran, where he called on Tehran's allies in Iraq to recognize that 'sanctions betrayal', especially after Iran's support for Iraq in its war against Daqash.

For many Iraqis, the crisis seems less philosophical and more realistic. Since Trump announced Washington's withdrawal from the nuclear deal, Iran's riyal has lost nearly 50 percent of its value against the dollar.

Analysts predict that the Iranian riyal will continue to lose in November, with the second round of US sanctions on oil sales coming into operation.

"The main attraction for investment in Iranian banks is the relatively stable exchange rate, which collapsed," said Bijan Khajihpur, an expert in the Iranian banking sector. right Now'.

Some analysts hold Iraqi investors accountable. "The law does not protect fools," says Bassem Jamil Antoine, an Iraqi economist, explaining that "it is impossible to know how many Iraqis are pumping their money into Iranian banks, because it was often conducted illegally by smuggling money across the border."

Karim Sadjadpour, an Iranian expert at the Carnegie Endowment for Peace, notes that "the astronomical interest rates offered by Iranian banks have long been a mirage." "When you take into account how sensitive the country is to high inflation or devaluation of the Iranian currency, putting large amounts in Iranian banks is a dangerous bet," he said.

http://www.alforat.info/index.php?page=article&id=59866
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