Millions of Iraqi dollars are stuck in Lebanon due to the economic crisis

by **claud39** Tue Dec 17, 2019 1:36 pm

[size=41]Millions of Iraqi dollars are stuck in Lebanon due to the economic crisis[/size]

2019-12-16

Millions of Iraqi dollars are stuck in Lebanon due to the economic crisis %D9%85%D8%B5%D8%A7%D8%B1%D9%81-%D9%84%D8%A8%D9%86%D8%A7%D9%86

[size=32]Baghdad: Yassin Iraq[/size]

Economically troubled Lebanon witnessed a new crisis that affected the exchange rate of the dollar against the lira in the markets without the banks. The exchange rate of the dollar was recorded by some exchanges, which some described as terrifying.

Millions of Iraqi depositors and Lebanese watch the exchange rates of the US dollar against the Lebanese pound daily as the price of the US dollar witnessed a rise against the Lebanese pound due to the unstable political events in the country and the Lebanese citizen suffers from a rise in the prices of basic commodities and supplies.

Hundreds of Lebanese demonstrators cut a number of streets in the capital Beirut with burning tires and barriers yesterday, and other demonstrations took place in several cities in protest against the deteriorating economic and living conditions in the country.

Iraq protests reveal the back of the Lebanese and Syrian currencies:

The Syrian pound crisis is due to the almost complete halt in the flow of the American dollar to the Syrian market, which depends mainly on the Lebanese market since the conflict began in 2011 when Syrian merchants resorted to Lebanese banks to deposit their money in them, due to the US sanctions that prohibit commercial transactions with Damascus, The dollar cannot be transferred directly to Syria. The Lebanese market depends on the Iraqi currency market for more than half of the daily trading volume, especially the Central Bank of Iraq’s daily auction.

Banks in Lebanon - Your money in dollars will be exchanged in Lebanese pounds: (video)

Iraqi money in Lebanon

Some economic experts link what is happening in Lebanon with the events of Iraq and the mass demonstrations for weeks, especially since Lebanon includes Iraqi money, some of which were transferred there in a systematic way and others diverted by smuggling and selling of currency.

A source in the Association of Private Banks in Iraq told “Yassin Iraq” that “there are money in the hundreds of millions in Lebanese banks belonging to the Iraqi government, where funds were deposited in the names of ordinary people close to the government, which should be audited to recover them not only in Lebanon but in countries Another neighborhood, based on Law No. 10 of 2012, when the Iraqi parliament established the Iraq Money Back Fund.

The Syrian regime is on the indictment

There are many scenarios that led to the dollar crisis in Lebanon, including what the Lebanese Central News Agency revealed, that an organized network consisting of Lebanese, Syrians, Palestinians and other nationalities close to the Syrian regime is proceeding with improper operations.

The agency stated that that network withdraws the dollar from ATMs distributed in the streets, in order to transfer them to Syria.

Lebanese media indicated that, after tracking suspicious cash withdrawals in close periods, the Association of Banks prevented any depositor from withdrawing the dollar from any bank that he did not deal with, but was only allowed to withdraw in Lebanese pounds.

Representative Hadi Abu al-Hassan said, "It appears that there is a systematic act from inside and outside of smuggling operations from Syria to Lebanon, and the allowance is paid in dollars, and there also appears to be opposite smuggling."

Iran huge strains on the currency:

Iran is currently facing one of its worst economic stages due to US sanctions that began in early August 2018, which intensified in November 2018, with sanctions including the oil industry on the one hand and international payment systems on the other.

The exchange rate of the US dollar against the Iranian riyal in official market dealings, whose prices are determined by the central bank, is about 42 thousand riyals / one dollar, which shows the size of the gap between the two markets, amid difficulties the central bank faces in eliminating the parallel market.

is over

https://yesiraq.com/%D8%AE%D8%A7%D8%B5%D8%A9-%D8%A8%D9%80%D8%B5%D8%AF%D8%A7%D9%85-%D9%88%D8%A8%D8%A7%D8%B1%D8%B2%D8%A7%D9%86%D9%8A-%D9%88%D8%A7%D8%AE%D8%B1%D9%89-%D9%85%D9%87%D8%B1%D8%A8%D8%A9-%D9%85%D9%84/