Thursday, October 5, 2023
Experts Call For Strict Measures Against {Dollar Smuggling}, 5 OCT
Experts Call For Strict Measures Against {Dollar Smuggling}
The first 10/05/2023 Baghdad: Huda Al-Azzawi Specialists in financial and economic affairs have warned that the issue of dollar smuggling carries a political connotation, in addition to the economic dimension, and that influential parties stand behind its continuation.
The government must be serious and have a strong will to stand up to the apparent smuggling of dollars, indicating that despite the Federal Integrity Commission’s ability to One month after recovering approximately 219 billion Iraqi dinars, the smuggling of dollars abroad has reached levels exceeding ($600 billion) since 2003.
Rapporteur of the Parliamentary Finance Committee for the fourth session, Dr. Ahmed Al-Saffar, stated in an interview with “Al-Sabah”: “The funds smuggled outside Iraq are very large, and what was recovered is perhaps less than 1% of the volume of funds accumulated outside Iraq, which belong to influential parties and were invested in Giant projects from which the host countries have benefited,”
stressing that “this matter requires a strong will on the part of the Iraqi government and a policy, organization, and committees through which coordination can be made with those countries that must cooperate to recover these funds, which are, in most cases, benefiting from their presence.” Therefore, the recovery process is difficult.”
Regarding dollar smuggling, Al-Saffar said:“The process of smuggling the dollar is a political, economic and financial process, and the main factor that prevents the recovery of the price of the dinar is the political factor.
Iraq has become an arena for conflicts, interests and political conflict, between countries that form entities that agree with American interests and others that are punished and economically prohibited from trading the dollar, because that A sovereign process for Washington, and there is a conflict between America and these regional countries that have a commercial, economic, political and social relationship with Iraq,” indicating that “ if the political solution is achieved, the official dollar exchange rate can be restored,
and the other factor for dollar smuggling is the structural imbalance of the Iraqi economy.” In light of the lack of a real domestic product, and the country’s reliance on importing all its needs by 95%, which are paid in dollars, he explained that “a large percentage of this money goes to smuggling, so whenever Iraq is able to restructure economically and address the structural imbalance, and is able to revitalize The real economic sectors (agriculture, industry and trade), and rely on real output and reduce imports, this problem will be solved.”
He stated that “the last and important factor - which the government must pay attention to - is the presence of a chaotic financial policy, and we can say that there is no clear financial policy by extrapolating the budgets that were legislated and implemented in Iraq after 2003 until now, especially since the largest percentage of funds It goes to the consumer operational budget,” stressing,
“Today we need radical solutions to control the smuggled dollar, as I mentioned earlier.”
For his part, the head of the Regional Center for Studies, Ali Al-Sahib, indicated in an interview with Al-Sabah: “Although the Federal Integrity Commission was able, within one month, to recover approximately (219) billion Iraqi dinars, the smuggling of dollars abroad has reached Levels exceeding ($600 billion) since 2003, according to statements, after the Federal Integrity Commission rolled up its sleeves with real solutions to the files of rampant corruption in the body of the Iraqi state, which turned from a state to a phenomenon, then to a rule, and has now become a pandemic.
He pointed out that “the Integrity Commission, with its new administration, was able to manage the file with good steps and recovered to the Iraqi treasury about 300 billion Iraqi dinars from corruption files at home, but what remains important, even more important, is the amount of money looted and smuggled abroad, which figures indicate that it is around (600 billion). Dollars),
we also have convoys of corrupt people and plunderers of public money abroad who are still enjoying this huge amount of money and no lawsuits have been filed against them, even though Iraq is one of the countries that has agreements and cooperation with (Interpol).”
Edited by: Muhammad Al-Ansari https://alsabaah.iq/85023-.html
Floating The Dinar.. Specialist: A Disastrous Step And Monetary Policy Must Be Reconsidered, 5 OCT
Floating The Dinar.. Specialist: A Disastrous Step And Monetary Policy Must Be Reconsidered
Amid the failure of the Central Bank of Iraq to control the exchange rate of the dinar against the dollar and the continued smuggling of hard currency out of the country, calls are appearing here and there to float the Iraqi dinar.
In this regard, Hammam Al-Shamaa, professor of economics at the University of Baghdad, says, “If the Iraqi dinar is floated, it is possible that the price of one dollar will reach more than 10 thousand dinars, and this price will not serve the Iraqi economy and will burden the citizens.”
Al-Shamaa added in a press interview seen by “Taqaddam” that “Iraq is considered one of the ranks of the Gulf countries as it is an oil country and has great potential for hard currency, and therefore flotation does not serve the Iraqi economy,” indicating that “flotation serves the economies of poor countries.”
Al-Shamaa warned that “taking such a step will lead to the death of the Iraqi people from hunger, especially since Iraq is a country that, despite its enormous natural wealth, is an unproductive country,” pointing out that “the agricultural sector is declining and the industry is backward, as there are no productive sectors that can provide food.” “For the people.”
He pointed out that “the government has begun to take measures that lead to an increase in the dinar’s exchange rate, including a delay in government spending,” calling for “a reconsideration of monetary policy in Iraq and assigning the task to those who lead it efficiently, professionally, and with knowledge, and not by bidding and searching for wealth creation and fundraising.” .
Coffee with MarkZ 10/05/2023
"RV UPDATE" BY MARKZ, 5 OCT
MarkZ
[via PDK] Some banking sources Think redemptions may start on Monday…they think this…but do not know for sure. Focus on the fact that we are seeing solid progress…and that things are close. To be honest I am hoping for it to happen this weekend.
Question: hearing that a currency lockdown has occurred. Have you heard this Mark?Gold Price Volatility in Iraq: Stability in Baghdad but a Dip in Erbil, 5 OCT
Gold Price Volatility in Iraq: Stability in Baghdad but a Dip in Erbil, 5 OCT
Recent trends in the gold market of Iraq reveal a striking divergence between the nation’s capital, Baghdad, and the capital of the Kurdistan region, Erbil. While Baghdad has seen stable gold prices, Erbil has experienced a noticeable decrease.
Gold Prices in Baghdad
Baghdad’s wholesale markets report steady prices for 21-carat gold, whether it’s of Gulf, Turkish, or European origin. The selling price for one mithqal – a unit equivalent to five grams – of this gold stands at 416,000 dinars, with the buying price slightly lower at 412,000 dinars. The price of 21-carat Iraqi gold remains steady as well, with a selling price of 386,000 dinars and a slightly lower buying price of 382,000 dinars.
When it comes to the retail gold prices in Baghdad, for a 21-carat Gulf gold mithqal, they range from 420,000 to 430,000 dinars. In contrast, for the same weight of Iraqi gold, the prices vary between 390,000 and 400,000 dinars. This stability in both the wholesale and retail markets indicates a stable gold market in Baghdad.
Gold Price Fluctuations in Erbil
In contrast to Baghdad, Erbil has seen a decrease in gold prices. The selling price for 24-carat gold is listed at 390,000 dinars, 350,000 dinars for 22-carat gold, 430,000 dinars for 21-carat gold, and 370,000 dinars for 18-carat gold. This dip in prices in Erbil contrasts the stability seen in Baghdad’s gold market, suggesting a difference in market dynamics between the two cities.
Understanding the Market Dynamics
The contrasting trends in gold prices between Baghdad and Erbil shed light on the complexities of local economies. Several factors could contribute to the stability of gold prices in Baghdad and the dip in Erbil, though the specific catalysts remain unconfirmed. However, these trends highlight the significant role local marketplace dynamics play in commodity economics like gold. They offer insights into the intricate relationship between these commodities and their daily exchanges, contributing to a nuanced understanding of the broader economic landscape across different regions.
Economic Implications
The fluctuation in gold prices in Baghdad and Erbil draws attention to the continuously evolving nature of global economics. It triggers vital discourse on the role of commodities like gold within a regional economy and their broader macroeconomic implications. The contrasting conditions in the gold market between Baghdad and Erbil could significantly shape Iraq’s future economic landscape. The ongoing trends invite speculative intrigue and scholarly debate, reflecting on the dynamic nature of economics in these regions.
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