Al-Sudani confirms that the government is proceeding with its measures to bypass the US federal conspiracy
7-26-2023
Al-Sudani confirms that the government is proceeding with its measures to bypass the US federal conspiracyInformation / Baghdad..
The leader of the State of Law Coalition, MP Muhammad Saadoun al-Sudani, confirmed on Wednesday that the government would proceed with its economic measures in order to overcome the issue of the high exchange rate of the US dollar against the Iraqi dinar.
Al-Sudani said in a statement to Al-Maalouma, “The biggest challenges facing the Al-Sudani government today are related to the high exchange rate of the US dollar against the Iraqi dinar.”
He added, “The actions of the US Federal Bank are a conspiracy against the government to curtail its role at the regional and international levels, due to its success in attracting solid international companies to implement important service projects.”
He pointed out that “the Sudanese government is continuing its financial measures to overcome the crisis of the high exchange rate of the US dollar against the Iraqi dinar in the local market.”
And the US Treasury decided, during the past week, to stop 14 Iraqi banks from trading and selling hard currency, which caused a rise in the exchange rates of the dollar in the local markets.
almaalomah.me
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Iraqi banks sanctioned by America call on the federal government to remove the damage
2023-07-26 02:55
Iraqi banks sanctioned by America call on the federal government to remove the damageShafaq News/ Today, Wednesday, the 14 Iraqi banks that were sanctioned by the US Federal Bank called for an end to the damage caused to them as a result of those sanctions.
And the punished group of banks stated in a statement today, “It was announced on Thursday, July 20, 2023, that our banks would stop dealing with the US dollar currency through the Central Bank of Iraq under the guidance of the US Federal Bank, while we regret this directive and we would like to show that we apply the best standards.” Verification and auditing, through specialized Iraqi and foreign cadres and through advanced international programs and systems applied by the best international banks in the field of compliance, combating money laundering and terrorist financing, and verifying all companies and individuals in accordance with the various international dealing prevention regulations, including the regulations of the OFAC Department or others, and all this in order to Avoid suspicious transactions.
The banks also said: We work under the umbrella and oversight of the Central Bank of Iraq and provide various banking services, including coverage of foreign imports, stressing, “We are fully prepared to undergo auditing of all our transactions, whether from the Central Bank of Iraq or from international auditing companies, and we bear all responsibility for any abuses that Found”.
The statement noted that the presence of nearly a third of private banks within the prohibition of dealing in US dollars will have negative responses in many aspects, not only on the exchange rate of the Iraqi dinar against the US dollar, but its impact will be very significant in several directions, including stopping foreign investment.
In its statement, the banks called on the Iraqi government to work with all the means available to it to remove the damage that occurred to it in particular, and to the Iraqi banking sector in general, and to provide the necessary support in order to resolve the above issue as soon as possible.
On Wednesday, July 19, the US Treasury imposed sanctions on 14 Iraqi banks in a crackdown on Iran’s dollar transactions.
The Wall Street Journal quoted US officials as saying that “the move came after the disclosure of information indicating that the targeted banks were involved in money laundering and fraudulent transactions.”
The newspaper added, “Some of these operations may relate to individuals subject to sanctions, which increases fears that Iran will benefit from them.”
A senior US official told the newspaper: “We have strong reason to suspect that some of these money laundering operations may benefit either individuals covered by US sanctions, or persons who may be included in the sanctions.”
“The main danger of sanctions in Iraq is definitely related to Iran,” the US official added.
Shafaq News agency learned that the sanctions affected “banks (the Islamic Advisor for Investment and Finance, the Islamic Qartas for Investment and Finance, as well as the Islamic Spectrum, Elaf Bank, Erbil Bank for Investment and Finance, the International Islamic Bank, Trans-Iraq Bank, Mosul Bank for Development and Investment, Al-Rajeh Bank, Sumer Commercial Bank, Trust International Islamic Bank, and Ur Islamic Bank The Islamic World Bank for Investment and Finance and Zain Iraq Islamic Bank for Investment and Finance.
And the US Treasury Department prevented four other Iraqi banks from accessing the dollar last November, and also imposed, in cooperation with the Central Bank of Iraq, stricter controls on financial transfers in the country in general.
In the past weeks, the Central Bank of Iraq had excluded 4 private Iraqi banks from the currency sale auction (namely: Al-Ansari, Al-Sharq Al-Awsat, Al-Qabid, and Asia) following directives and warnings from the US Treasury about these banks accused of smuggling currency.
“Finance” criticizes a decision that caused the dollar to rise, and does not rule out imposing sanctions on the Iraqi Central Bank
2023-07-26 06:31
Finance criticizes a decision that caused the dollar to rise and does not rule out imposing sanctions on the Iraqi Central BankShafaq News/ The Parliamentary Finance Committee criticized, on Wednesday, the recent decision of the Central Bank of Iraq to allow exchange companies to sell dollars to citizens wishing to travel, while it did not rule out that this would lead to new US sanctions on the country.
The deputy head of the committee, Ahmed Mazhar, told Shafaq News agency, “The Central Bank took a wrong decision when it allowed exchange companies to sell dollars directly to citizens wishing to travel outside Iraq.”
Mazhar asked, “We do not know how the central bank administration made such a decision?”, indicating that “this decision may collide with the policy of the US Treasury, and new sanctions may be issued that may affect the central bank if the situation continues as it is now.”
He pointed out that “the sanctions issued by the US Treasury reflected negatively on the market, and the exchange rate of the dollar against the Iraqi dinar will continue to rise further.”
Yesterday, Monday, the Central Bank of Iraq decided, according to Shafaq News Agency, to “facilitate cash sales in US dollars for travelers. It was decided to allow exchange companies of categories (A and B) wishing to open accounts with this bank in both dinar and dollar currencies for the purpose of participating in a sale window and buying foreign currency.
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The Difference In The Exchange Rate
Economical 2023/07/26 Muhammad Sharif Abu Maysam There is no doubt that the campaign to support the dinar, which was adopted and in which many parties participated with the Central Bank of Iraq, contributed significantly to reducing the dollarization of local markets and strengthening trades and exchanges through the local currency, and thus the relative stability of exchange rates after returning to the Iraqi dinar in the pricing of many Goods and services that were provided in foreign currency.
These achieved results did not come without a series of procedures and controls that contributed to accelerating the necessary steps to expand the space for merchants and citizens to enter the electronic platform, with the aim of addressing the problem of low demand resulting from the state of uncertainty with electronic payment transactions, and the reluctance to deal transparently in the procedures for obtaining amounts.
Necessary to finance foreign trade and other activities of individuals.
However, the exchange rates in the parallel market are still unstable and relatively far from the official exchange rate,
which creates a big difference between the dollar exchange rate through the transfer platform to finance foreign trade, and the selling prices of imported goods in the local market based on the exchange rate in the parallel market.
This difference contributed and contributes to the ripening of the capital of merchants and exchange offices at the expense of the purchasing power of consumers, and
also contributed to the penetration of import operations at the expense of the local product due to the low prices of imported goods and the inability of the local product to compete with the importer, and accordingly and
with the start of work with the largest budget witnessed by Iraq on Throughout its history, which will contribute to moving the market and the flow of cash liquidity,
it is expected that inflation rates will rise, local demand for commodities will increase, and profits will accumulate in the import-dependent business environment, as capital owners will increasingly tend to import as a quick-profit and low-risk investment,
in the face of a local product that suffers from uneven competition. With the importer due to the high costs of energy, manpower and raw materials with the high risks of work in light of the deterioration of electric energy services.
On this basis, large proportions of the general budget allocations will go in favor of the importer as he continues his blows to the local product, and national capital will suffer in the work environment from unequal competition with private sector imports, and local markets will be exposed to the risks of price fluctuations in the exchange rate due to the flow of cash into the markets and increased demand.
On commodities in light of the decline in domestic production rates, and thus the loss of public funds, the lack of control over the exchange rate and the increase in the possibilities of the return of dollarization to the markets. https://alsabaah.iq/81229-.html
The Dollar Is Flying High And Confusing Monetary Policy Measures
Economical 2023/07/27 Baghdad: Haider Fleeh Al-Rubaie The process of increasing the exchange rate in the parallel market constituted a new shock to the financial and monetary policies, after they made great efforts during the past periods with the aim of aborting the rise of the dollar, whose exchange exceeded yesterday, Wednesday, the limits of 155 thousand dinars per 100 dollars, which was considered by specialists in economic affairs.
They stressed the need to take strict measures to limit the flight of the green currency against the dinar, to find quick financial settlements that meet the needs of importers and traders, and to create a tangible balance between dollar supply and demand, with the aim of controlling the prices of goods and materials from the exploitation of the "greedy".
Despite the continuous rises in the exchange rate, however, specialists in the economic affairs minimized the risks of these rises on the local market, assuring to "Al-Sabah" that 75% of the materials and commodities in the markets enter Iraq at the official rate set by the Central Bank, and that merchants make their foreign transfers.
According to that price, however 25% of Iraqi trade is affected by the parallel exchange rate.
The efforts of the fiscal and monetary policies to undermine the dollar were matched by the efforts of the legislative and executive authorities with the aim of limiting the rise in the parallel exchange rate.
While the Prime Minister, Muhammad Shia’a al-Sudani, discussed with the Governor of the Central Bank, Ali Al-Alaq, the measures taken to stabilize the currency in the local market, and discussed the facilities provided by the Central Bank, Which includes allowing small merchants and importing individuals to finance their imports without the need to establish a company.
The Parliamentary Finance Committee reviewed with Al-Alaq ways to achieve monetary stability and control prices.
In contrast to the "cautious optimism" shown by a number of specialists regarding the effects of the exchange rate rise,
others see the possibility of economic indicators, which they described as "painful", represented by entering the local market in the short term in a state of stagnation and high inflation rates.
In turn, the researcher in Iraqi and international economic affairs, Dr. Ali Daadush, in an interview he gave to "Al-Sabah", attributed the reasons for the price jumps of the green currency to the shortage in the supply of cash dollars compared to the volume of demand, which led to a rise in the exchange rate in the parallel market that finances trade. Foreign with the penalized countries.
Dadoush pointed out that the reasons that led to the exchange rate rising again are many, but the most prominent of them is the speculation on which most transfer and exchange companies live, as
these transfers take two directions, the first is to cover the volume of commodity imports from the punished and banned countries with dollars, which leads to
This leads to an increase in the demand for the dollar in the parallel market, while the
second lies in the expansion of the phenomenon of speculation and hoarding of the dollar and putting it up later to obtain a larger price difference.
The economic researcher believes that solutions in the short term may not be within reach, as most of the reasons that led to the dollar’s rise are external, especially after 14 Iraqi banks were punished by the US Federal Reserve,
pointing out that the most effective solutions to confront the “dollar dominance” lie in Activating and operating factories and laboratories to produce goods that are imported from countries banned from the dollar,
and directing the government towards activating institutions and companies in the public and private sectors, operating and managing industries and working to increase their production, stressing that
these steps will lead to eliminating the gap between the official and parallel prices, as they will produce imported goods that are Cover their dollar amounts cash.
https://alsabaah.iq/81301-.html
The Central Bank Holds "Some Merchants" Responsible For The Dollar's Rise
July 26 18:25 Information / Baghdad.. On Wednesday, the Governor of the Central Bank, Ali Al-Alaq, blamed some merchants for causing a rise in the dollar exchange rate as a result of not organizing their transactions on the electronic platform.
Al-Alaq said in an interview with the Iraqi News Agency, which was seen by / information / that
"the central bank continues to provide the dollar at the official rate and cover all legitimate transactions for the purchase request, including remittances and credits for various imports."
He added, "What is being talked about in terms of a rise in the exchange rate does not mean that there is a rise in the official rate, which is still the same.
Rather, the rise is occurring in the cash price circulating in the market and is caused by the reluctance of some merchants to enter the electronic platform, which is the official channel for the sale that it requires." The new system.
And he continued, “Merchants, in addition to other categories, cannot enter the platform because they do not practice legitimate activities and operations, and
our role in the Central Bank is to push everyone who needs to buy dollars to enter the legal and correct path, and the process today is in fact a process of reorganizing the movement of trade and funds, which makes these operations Subject to local and international controls and standards, which leads to an effective implementation of the Anti-Money Laundering and Terrorism Financing Law No. 39 of 2015.
Al-Alaq pointed out, “The process of implementing the new system in reorganizing the movement of trade and funds requires the cooperation of multiple parties, and
we expected that the issue would receive support, implementation, and interaction from the official and popular parties to support the Central Bank in achieving the goal of this system to make the movement of funds proceed in legal contexts and correct criteria to avoid any internal or external risks. Ended/25 h
https://almaalomah.me/news/economy/البنك-المركزي-يحمل-بعض-التجار-مسؤولية-ارتفاع-سعر-الدولار
Economist: The Statements Of Some Officials Are Behind The Rise In The Price Of The Dollar, And The Solution Is In The Hands Of The Central Bank
Economy breaking Central Bank of Iraq The rise in the price of the dollar Officials' statements
2023-07-26 07:49 Shafaq News/ The Kurdish economist, Goran Jabbar, revealed on Wednesday that the statements of some officials led to an increase in the exchange rates of the US dollar against the Iraqi dinar, indicating that the Central Bank of Iraq can solve the problem.
Jabbar, who is the official spokesman for the currency market in Sulaymaniyah, told Shafaq News agency,
"The price of the dollar soared this afternoon to reach its highest levels in the last two months, reaching 158 thousand dinars per 100 dollars, but it has declined this afternoon to 156 thousand dinars per 100 dollars."".
Jabbar ruled out that the imposition of sanctions by the US Treasury Department on 14 Iraqi banks was behind the high price of the dollar, noting that
"banning these banks does not have a significant impact, as the volume of their transactions in dollars does not exceed 1.29%, and their acquisition of the dollar does not exceed 8%."
He explained that "the real reason is the statements of some officials who stated that sanctions are expected to be imposed on the Central Bank of Iraq in the month of November next, and this raised the concerns of citizens, which made them transfer their financial savings to dollars, and thus led to an increase in demand for foreign currency during the period." previous days".
Jabbar denied that the United States imposed sanctions on the Central Bank of Iraq, stressing that it is "false, since the bank deals with Iraqi oil imports, and in the event that the Central Bank is banned, this means that Iraq will not export crude, which affects the global economy due to the large volume of Iraqi oil exports daily."".
He pointed out that "some banks have so far been smuggling currency to countries that have US sanctions, and senior officials stand behind these banks, and
if the Central Bank of Iraq does not take real measures towards those banks, the matter may reflect on the local economy because Iraq is a consumer country and imports hard currency."
Regarding the appropriate measures to address the crisis, Jabbar believed that the central bank should take "strict measures against those banks, as it did four months ago when the value of the dollar reached 167 thousand dinars for every 100 dollars, until it declined after that to settle at 148 thousand dinars."
He concluded by saying, "The Central Bank of Iraq must grant loans to small projects, and the process of granting foreign currency to merchants and those who wish to travel through financial dealing companies (money changers) must be facilitated and expanded."
Earlier today, the deputy head of the Parliamentary Finance Committee, Ahmed Mazhar, told Shafaq News agency,
"The Central Bank took a wrong decision when it allowed exchange companies to sell dollars directly to citizens wishing to travel outside Iraq."
Mazhar asked, "We do not know how the central bank administration made such a decision?", indicating that "this decision may collide with the policy of the US Treasury, and new sanctions may be issued that may affect the central bank if the situation continues as it is now."
Yesterday, Monday, the Central Bank of Iraq decided, according to Shafaq News Agency, to "facilitate cash sales in US dollars for travelers.
It was decided to allow exchange companies of categories (A and B) wishing to open accounts with this bank in both dinar and dollar currencies for the purpose of participating in a sale window and buying foreign currency.
The Central Bank Excludes The Inclusion Of New Banks In The Sanctions
July 26 18:27 Information / Baghdad.. The Governor of the Central Bank, Ali Al-Alaq, ruled out, on Wednesday, the inclusion of new Iraqi banks in US sanctions.
Al-Alaq said in an interview with the Iraqi News Agency, which I viewed / the information /:
“Currently there is no indication or indication from the American side of including new banks within the sanctions,” noting,
“The Central Bank will follow up on the issue of banks that have been subject to deprivation of the dollar and will enter into a process review, audit and verify them. He revealed,
"There are a number of proposals being developed to set up the trade process with the Iranian side and the payment mechanism within its framework, and work to provide means of payment through the Iraqi currency and prepare special cards for this issue." Ended/25 h
The Central Bank Of Iraq Denies Withdrawing The Capital Of Private Banks
July 26, 2023 The Central Bank of Iraq denied the withdrawal of the capital of private banks and their deposit.
The Central Bank of Iraq stressed that the news reported by some media and social media about the existence of a decision to withdraw the capital of private banks and deposit them in its accounts are incorrect.
The Central Bank of Iraq renewed its call to various media outlets to be careful and communicate with the Central Bank to obtain accurate information, rather than relying on unofficial sources to spread rumors and influence the work of monetary policy and the banking sector.
The central bank is working hard to enhance confidence in the banking sector by providing support to it and enhancing economic development.
Article Quote: “The Harith Exchange in Baghdad, said, at 11:00 a.m., an exchange rate of IQD 155,200 per [100] US dollar…Dozens of angry protesters are gathered in front of the Central Bank of Iraq building in the middle of Baghdad to protest against the dollar’s exchange rate…demanding quick action to reduce the continuing rise of exchange rates.“
MarkZ
[via PDK]
The people have seen the steps the people were told had to be done before they got their rate change and prosperity. The people are growing impatient…The IQD is losing value against the dollar right now. This is costing Iraqi’s dearly. They are upset. They had been promised a change in rate…Iraq is doing everything it can to get from under America’s thumb. It’s a battle and I believe Iraq is winning. Maybe not as quick as we want them to win though.
Now there is more pressure and the people are taking to the streets and insisting they fulfill those political promises.This is a good thing for us. Even them talking about how it’s the US holding things up is a good thing for us. They have a short window…This will erase the debt problems in the Us when they let Iraq finally RV their currency…I believe Iraqis taking to the streets is forcing it…It’s time.
Mountain Goat
Well the RV has not yet happened in Iraq nor has the reinstatement of the dinar. As far as the banks are concerned there is still the US Treasury OFAC sanctions in place on the Iraqi dinar. This is not just my opinion but FACT…I was told by my CBI contact to expect the new rate on FOREX, however it did not occur, as stated. So…I inquired on my weekly call to Iraq and asked what happened.
I was told it was stopped due to the US Treasury audits of many of the major banks in Iraq…
MilitiaMan (KTFA)
Article: “The committee members…”
That’s a group of people other than Alaq, “ask a number of question regarding the reason for rising exchange rates…” …What they’re asking is what type of solutions do you have…
Quote: “The central bank is working with the importance of developing radical solutions to the crisis.”
What’s a radical solution? Going from 1460 to 1310 wasn’t a radical solution. Going from 1310 to 1132 which is seriously not a radical solution. What they’re really talking about…a ‘radical solution’…going back to a ‘previous era’…
Article: “Economic warning of Iraq’s return to Chapter VII”
A RETURN TO CHAPTER VII IS THE CONSEQUENCE OF NOT HAVING A NEW EXCHANGE RATE!
[Iraq boots-on-the-ground report]
FIREFLY: We are seeing 8 more banks hit with sanctions. They are saying the dollar will reach 1700.
FIREFLY: The CBI is doing a major campaign. They’re telling us on television the CBI says this major campaign is to enhance Iraqi dinar. Saying all payments, transactions, anything we do in our country will be in dinars and they’re telling all banks that are not certified that they must deal in dinars. This is a big campaign of the monetary reform going on right now about the Iraqi dinar. This is our education. They are saying the CBI has taken steps to enhance the dinar against foreign currencies.
On Tues. 25 July The new Quantum Financial System (QFS) would begin to be implemented at midnight Tues. 25 July and complete at midnight Wed. night 26 July. …Bruce
At the Wed. 26 July FOMC meeting the Stock Market will go into correction. …Goldilocks
On Thurs. 27 July Basel 3 Compliance will be implemented in the banks, with banks closed that cannot prove gold/asset-backed assets. Along with the previous day’s Stock Market correction, bank closures would create shocks and adjustments in our markets and payment systems as they moved into a real value.
Tier 4b (Us, the Internet Group) could receive notification to set exchange/ redemption appointments and Bond Holders could receive access to their funds onThurs. 27 July.
If so, Tier 4b exchanges and redemptions would possibly begin.
on Fri. 28 July. …Bruce
NESARA would be announced to the US general public on Sun. 30 July, or Mon. 31 July. …Bruce
The General Public Tier 5 could exchange currency at the new rates at a bank beginning on Thurs. 3 Aug. …Bruce
On Wed. 23 August the new gold/asset-backed Quantum Financial System would be made public.
Charlie Ward stated that the RV will happen after a Global Financial crisis.
Global Financial Crisis:
The major banks of JP Morgan, Citibank, Bank of America, Goldman Sacs, Wells Fargo and Chase were collapsing. The FDIC has tried to hide everything.
JPMorgan Chase will close 21 First Republic branches by the end of this year, a bank spokesperson told Reuters on Thursday. Roughly 100 employees affected by the closures will be offered six-month transition assignments. After that, they’ll be eligible to apply of other roles at JPMorgan. The wire service reported on Jun 1, 2023 that Chase Bank was closing all of it’s branches nationwide. People were reporting closure of their accounts with no reason given, while others were refused requests to open accounts.
Sobering Statistics: The global fiat system is dying. It took 1-month for US Debt to go from $31T to $32T.
