There has been plenty of great news going on inside Iraq. There has been an update to the higher US Dollar exchange rate in the country. No one in Iraq is trying to shut down the currency exchange centers in Iraq. No one is trying to shut down any store that exchanges currency for a living. If someone said this recently, this is not true. The Central Bank of Iraq needs every single bank and currency exchange store operational inside the country. I do mean every currency business fully operational in Iraq.
The reason is that all these currency exchange stores and banks assist the CBI in the distribution of currency in the country. Why would the CBI need them shut down? Who is going to collect the taxes from the currency transactions? Taxes for the currency exchange range is anywhere from 3-5% for each transaction from the Iraqi dinar to the US Dollar. Iraq has a $23 billion dollar deficit, and it is trying its best to collect the taxes to offset the deficit. The collecting of the taxes from currency transactions probably will not put a dent in the negative balance of the budget. It all helps of any tax revenue the Iraq government receives. Now if only the Islamic State in Iraq and the Levant (ISIL) would not control the border checkpoints of Jordan, Turkey, and Syria. The Iraq government would then collect some serious tax revenue from all the materials coming through the border.
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