Iraq’s decision to stop dealing with Western Union could cause upheaval in currency market and affect reputation, development says economist

Posted: November 6, 2013 in Iraqi Dinar/Politics
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Central Bank’s decision to stop dealing with “Western Younine” cause upheaval in the currency market

BAGHDAD – Iraq Press – November 6 / November: Stop the Iraqi Central Bank to deal with the company “Western Younine” It is a global company through which they can transfer money to all over the world, and is working to provide commercial services safe and fast way to convert cash and owns about 270 thousand agent worldwide in more than 200 countries and the headquarters of several, and the size of the company’s revenues nearly $ 3 billion annually.

In the meantime economist said Falah al-Rubaie, said that “to stop dealing with a global company sober operate in most countries of the world, conduct improper, and hurt both sides Economic and Social Council of the country,” noting that “Western Union offers great services for Iraqis to transfer money to and from Iraq, and used by most residents outside the country. ”

The economist said that “this measure damage to a large category of Iraqi families who shift money to their relatives, in addition to its negative impact on trade and investment.”

He continued by saying, “Such decisions may affect the reputation of the country, and limit the development of the investment sector, noting that Iraq is suffering a lot in this aspect.”

It was a statement of the bank, said earlier that the Director of Iraqi Mistira Bank Abdul Basit Turki summoned representatives of the “Western Younine” in Iraq, and discussed with them the future of the company comes this new resolution to stop dealing with the company den statement of reasons.

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