Bank refuses to receive Iraqi dinar

A citizen A. H. sent a message to the “Open Door” page urging Prime Minister Mohammed Shia al-Sudani, Central Bank Governor Ali Mohsen al-Alaq, and the relevant authorities to take the matter into consideration and take the necessary steps.

In his message, the citizen stated: I went to a government bank in Baghdad on Thursday, October 10, to pay $78 for a visa to one of the Asian nations. Everything was satisfactory, the bank was well-managed and well-organized. I was hopeful about that, but when it was my turn to deposit the money and write the paper, the employee surprised me by saying that we do not deal in dinars and refused to accept any money in Iraqi dinars. I informed him that Master or Visa could be used to pay, given that both cards are issued by the same bank, but he again refused and asked me to deposit only in dollars. At the point when I asked him where I can get the dollars from now, he let me know that there is a trade office nearby the bank that you can purchase from.”

I was considerably more shocked that an administration bank wouldn’t acknowledge the Iraqi dinar and encouraged me to purchase from an unfamiliar trade office. In any case, I was compelled to visit the exchange office, where I was informed that the selling price was 1545 dinars for every dollar. I was unsure whether to purchase at the comparable price or decline. It would mean that the visa would not be processed if I refused. Despite my dissatisfaction with the price and the bank’s actions, I decided to purchase.

Standing in front of the bank gate, one of them casually stated to me: We should purchase at the market cost.” I responded, “Yes, regrettably.”

I left the bank in the wake of finishing the exchange, and many inquiries were at the forefront of my thoughts, including the number of individuals that were in my circumstance and why an administration bank rejects the Iraqi dinar. I remembered that when I applied for residency in Turkey years ago, they only accepted money in Turkish lira and refused to accept any foreign currency. The same is true in other countries like Jordan, the UAE, and others.

The most pressing concern on my mind is: In the midst of this, how will currency speculation be dealt with?