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Decline in Iranian currency affects Kurdistan market and the major setback and losers are traders

30 Jan 2012
The low value of the Iranian currency against the U.S. dollar set large financial losses to number of Kurd traders in the province of Kurdistan. The chairman of the Federation of Exporters and Importers in the Iraqi province of Kurdistan, Mustafa Abdul Rahman, said on Sunday that the "low value of Iran Rial against the U.S. dollar hit the market in Kurdistan with a major setback." He noted that the "biggest losers are the traders who have a commercial and financial transactions with Iranian traders because they were dealing with these traders by cheques." Abdul Rahman said that "the value of Iran Rial fell dramatically against the dollar so Iranian traders could not fulfill the value of the cheques in favor of the Kurds and merchants. They remained open and froze, causing big losses in the rhythm of the market in Kurdistan." He noted that "the merchants, who have financial dealings with Iranian banks in Dubai, especially bank (Tejarat) and (Melli), suffered the losses because of their assets frozen by sanctions imposed on Iran."
Child Aid International