Iraqi Dinar🔥IQD Support $16/$28 USD According To Dr Shabibi Today 2023🔥i...

SUDANI: CUSTOMS AUTOMATION PROJECT IS AN IMPORTANT STARTING POINT FOR IMPLEMENTING FINANCIAL AND BANKING REFORMS, 23 OCT

 SUDANI: CUSTOMS AUTOMATION PROJECT IS AN IMPORTANT STARTING POINT FOR IMPLEMENTING FINANCIAL AND BANKING REFORMS

{Political: Al-Furat News} Prime Minister Mohammed Shia Al-Sudani confirmed, on Saturday, that the customs automation project is an important basis and a starting point for the implementation of financial and banking reforms.

The Sudanese office said in a statement received by {Euphrates News} that “the Prime Minister was briefed on a detailed report explaining the progress of work in implementing the first phase of the implementation of the global system for the automation and modernization of customs (ACYCUDA), and the most prominent problems and challenges and ways to overcome them, leading to the application of the single window for foreign trade, through a comprehensive application of information technology, which contributes to the unification of customs procedures, the issuance of electronic declarations and data exchange.”

The Prime Minister directed “to implement all financial commitments to complete the requirements of the first phase, and to provide the infrastructure necessary for the success of the project,” insaiding “the implementation of technical workshops to introduce this important project, which will support the government’s efforts in developing economic structures according to the foundations of integrity and transparency.”

The Prime Minister stressed that “the customs automation project is one of the most important axes of economic reform adopted by the government within the priorities of its government program, and is an important basis and a starting point for the implementation of financial and banking reforms, in accordance with the government’s vision and approach in applying real trade and combating corruption.”

"RV UPDATE" BY PIMPY, 23 OCT

 Pimpy  

 There's a lot of confusion about whether these banks in Iraq are on sanction and how it is affecting the exchange rate.  Article:  "The Reality of US 'Sanctions' on Iraqi Banks" ...

I've seen articles where they say these banks are under sanctions but if you go to the official website they're not listed there so it's like a gray area.  They're under sanctions but they're not officially under sanctions.  It's like putting them in a 'time-out' is what it is.  

The beginning of January there will be no more use of the US dollar, that should be a major plus for the Iraqi dinar. 

 It shouldn't take very long after that and we should start seeing some increases in the Iraqi dinar exchange rate.

 Humanitarian projects...800#s, numbers on the back screens, somebody with magical codes, redemption centers, all that is bull shit...I'm not saying I don't want to do one [humanitarian project]

 but I'm saying it's not a prerequisite to exchange your dinars...I encourage people to do humanitarian projects...You don't have to do a humanitarian project...but there's going to be an overwhelming feeling to want to do humanitarian projects as soon as it happens..

A SPECIALIST DIAGNOSES THE “REAL REASON” FOR THE DOLLAR’S ​​RISE… AND THE CENTRAL BANK IS “RELUCTANT” ABOUT IT – URGENT, 23 OCT

 A SPECIALIST DIAGNOSES THE “REAL REASON” FOR THE DOLLAR’S ​​RISE… AND THE CENTRAL BANK IS “RELUCTANT” ABOUT IT – URGENT

Today, Friday (October 13, 2023), the economic affairs specialist, Nabil Jabbar Al-Tamimi, revealed the reason for the rise in the dollar exchange rate, in light of the volume of daily “black transfers.”

Al-Tamimi told “Baghdad Today”, “The Central Bank of Iraq is failing to solve the problem of remittances with Iran, and the rise in the exchange rate is related to pressures on foreign exchange in the market and the continuation of black remittances.”

He stated, “Up to 30 million dollars a day cross the border as (black transfers) to feed remittance requests for trade with Iran, Syria, Lebanon, and Turkey as well, and the fluctuation will continue unless the remittance crisis with Iran is resolved in the first place and a suitable transfer mechanism is found for merchants, even if they are in other currencies.” other than the dollar.

(This article speaks directly to another article we read about the customs and tariffs issues. Simply put, not being on the Global Foreign Exchange such as FOREX, is putting damper on Iraq’s ability to conduct foreign trade with a multiple of other foreign currencies. Iraq MUST soon move back to FOREX or these problems will only worsen. You see Iraq keeps kicking the can down the road but they know what they must do. They can complain and complain about the issues with the dollar. The FACT still stands that to get off the dollar they must be able to go a central point of exchange. Its easy to trade with a sole source of currency but when you are dealing with potential of hundreds of currencies then what do you do? )

The $30 million per day is exactly equivalent to the cash sales that the Central Bank sells daily and is supposed to be intended for travelers.

Experts point out that some of these cash sales allocated to travelers leak into the black market and are purchased by merchants to finance their trade with countries banned from the dollar, led by Iran, from which Iraq’s annual import volume amounts to approximately 10 billion dollars.

Others warned of the repercussions of some banks not handing over dollars to “travelers,” while stressing that the continuation of the matter would lead to an increase in demand for the dollar in the parallel market and thus an increase in the exchange rate.

Many private banks and exchange companies are accused of being involved in smuggling the dollar, leaking it to the black market, and seizing large amounts of currency auction sales. The accusations also targeted the National Bank of Iraq (Jordan) of seizing 70% of the Central Bank’s daily dollar sales.

The dollar exchange rate witnessed a noticeable increase in the past few days, exceeding the barrier of 160 thousand dinars per 100 dollars, while the Central Bank took many measures and decisions to prevent the circulation of the dollar in local markets above the official price (1320), but to no avail, despite the fact that the dollar is its only source. The Central Bank, although those who take the dollar, namely private banks and exchange companies, are known to it, but it is unable to control them and oblige them not to leak dollars through fake transfers, according to observers.

Iraqi dinar 🔥 Iraqi dinar it’s called currency shake up 🔥 Iraqi dinar RV...

A NEW STATEMENT BY THE IRAQI CENTRAL GOVERNOR REGARDING THE DOLLAR EXCHANGE RATE, 23 OCT

 A NEW STATEMENT BY THE IRAQI CENTRAL GOVERNOR REGARDING THE DOLLAR EXCHANGE RATE

Today, Monday (October 16, 2023), the Governor of the Central Bank of Iraq, Ali Al-Alaq, identified several factors affecting the dollar exchange rate, the most important of which is the leakage of the dollar to neighboring countries.

(This leakage has to STOP or we will NOT see the reinstatement. The governor must secure the dollar in his country first and then use the dinar as the national currency. The later part is working but the sifting of the dollar outside of Iraq is not. 

Oh…I got a solution…why not reinstate the dinar so Iraq could more “freely” pay for goods and services with other countries with their own dinar and totally ditch the dollar the damned currency auction? Afterall weren’t’ the currency auctions supposed to be instituted as part of the Chapter VII sanctions? Go read the sanctions if you don’t believe me! So wy are they still being sanctioned? I thought Chapter VII sanctions were lifted? )

During his attendance at the meeting of the Ministerial Council for the Economy, headed by Deputy Prime Minister and Minister of Foreign Affairs Fouad Hussein, and hosting the Parliamentary Finance Committee, Al-Alaq provided “a detailed explanation of the tasks and objectives of the Central Bank and monetary policy in Iraq,” noting, “The exchange rate depends primarily on imports and not on local production, and that The exchange rate in Iraq has characteristics because it is linked to the price of oil, as it is the largest source of providing hard currency.”

He pointed out, “Many factors affect the exchange rate, the most important of which is the leakage of the dollar into neighboring countries and internal dealing in local markets in a currency other than the national currency, as well as the lack of complete control over ports and smuggling.”

Al-Alaq added, “The level of inflation has decreased significantly, and the goods that enter officially are witnessing price stability because imports are covered by the official price.”

Al-Alaq noted, “We opened a special lounge for private banks to sell dollars to travelers at Baghdad International Airport, and we raised the interest rate for amounts deposited in banks to 7.5 percent to encourage citizens to deposit their amounts in banks and to withdraw the cash mass outside the banks.”

After “substantive and serious discussions,” the Deputy Prime Minister and Minister of Foreign Affairs indicated that the Council will study in detail this important issue and will follow up on the localization of salaries for all workers in the government sector and then the mixed sector, reaching the private sector, and study increasing the interest rate on deposits, adding, “We are looking forward to building tools.” A future basis that helps the Central Bank and the Ministry of Finance assume their role in a way that is appropriate to the nature of their work.

The Council also decided to proceed with the construction of a project to demolish and build a 600-bed Ibn Sina Specialized Hospital in Nineveh Governorate to serve the people of that governorate.

CoI recovers millions of dollars in Switzerland, 23 OCT

Shafaq News / On Saturday, the head of the Federal Integrity Commission (CoI) announced the recovery of over 70 million dollars from a Swiss bank, and affirmed the recovery of billions of Iraqi dinars from individuals, including former Prime Minister Mustafa Al-Kadhimi's advisor, local officials, and a former intelligence agency officer.

Haider Hanoun stated that CoI has achieved significant milestones and laid the groundwork for combating corruption. CoI has addressed many gaps that were exploited by corrupt individuals. This was accomplished through collaboration with the executive authority, especially the government led by Prime Minister Mohammed Shia Al Sudani, who has placed a new focus on the fight against corruption in Iraq.

Hanoun explained that Law No. 9 of 2012 on the Recovery of Iraqi Funds aims to recover Iraq's financial rights acquired by Iraqis and foreigners through unlawful means as a result of the misuse of the Oil-for-Food program and the use of sanctions on Iraq to achieve financial gains at the expense of the Iraqi people.

This law applies to funds acquired by Iraq before 2003. There are many funds that were stolen and the former regime used Iraqi, Arab, and foreign companies to create funds and give money to Arabs and foreigners to establish companies that served the previous regime. The law has several advantages and exempts those who cooperate with the fund.

Hanoun explained that the Iraqi Money Recovery Fund managed to recover a sum of $70,610,000 from a Swiss bank. An earlier $800 million had been recovered from the same person who has since passed away. This money had been imported from the Central Bank (CBI). The funds have been transferred to the Ministry of Finance.

Moreover, $26 million was recovered, which had been hidden in the Rashid Bank. These funds belonged to the Huda Religious Tourism Company, which was established in 2000. It previously managed Iranian visitors and was linked to the former intelligence agency. The company was dissolved in 2004, but the bank did not return the money to the Tourism Authority. The funds were hidden, and they have been recovered and will be transferred to the Ministry of Finance.

CoI also managed to recover six billion Iraqi dinars from the United Investment Bank, part of the 15 billion dinars misappropriated by the bank. This resulted from corruption in the Iraq Export Support Fund, which was affiliated with the Ministry of Trade.

Hanoun noted that an additional five billion Iraqi dinars were recovered from Haytham Al-Jubouri, the financial advisor to former Prime Minister Mustafa Al-Kadhimi. Al-Jubouri, who is currently imprisoned, is accused of having received a total of nine billion dinars. All the recovered amounts will be transferred to the state treasury.

Finally, Hanoun reported the recovery of 1.5 billion Iraqi dinars from the defendant Raed Jaber Imran, the former Director-General of the Middle Oil Refineries. This is a recent recovery and represents a portion of the total misappropriation of seven billion dinars that is currently in the possession of the state treasury.

https://shafaq.com/en/Iraq-News/CoI-recovers-millions-of-dollars-in-Switzerland